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Atlas Capital

MergerArb



  • Strategy Stocks
The MergerArb strategy invests in U.S. based companies that Chief Investment Officer Jonathan Tunney believes are either takeover targets or potential takeover targets. It identifies companies that could be purchased by either larger public companies or private equity investors by screening for liquidity premiums and other metrics.
Jonathan selects companies that could be taken over based on screening guidelines that include:

- Liquidity targets (the number of shares traded daily).

- Premium targets (amount of offer price/current target price) both on an absolute basis and an annualized basis.

- Share prices (movement above certain dollar thresholds).
In addition to Jonathan’s screening guidelines, he invests in companies based on his fundamental research of publicly available information.
The portfolio usually holds 5 positions that are equally weighted.
Jonathan closes positions when a certain capital appreciation has been achieved or when the merger has been completed. The portion of stock received from acquiring firms is typically sold upon receipt.
None.

Portfolio Manager performance

-2.8%

Last 30 days

30D

-0.9%

Last 90 days

90D

-5.0%

Last 365 days

365D

Quarterly vs S&P500

Quarterly vs S&P500

Risk score

  • 8.2%

    Best quarter

  • -8.6%

    Worst quarter

    • 1% fee
    • $10,000 min
  • Required: Margin account

Portfolio Manager performance graph

All performance information on this page is based on the performance of the Portfolio Manager’s account. Client performance may differ. Client account performance is displayed on the client dashboard.

Performance Portfolio inception May 19, 2010

as of July 20, 2017 Manager (net of fees ) S&P 500
Last 30 days -2.8% 1.5%
Last 90 days -0.9% 5.3%
Last 365 Days -5.0% 13.8%
Since inception (Annualized) 5.7% 11.7%
2017 (YTD) -9.8% 10.5%
2016 10.0% 9.5%
2015 -6.2% -0.7%
2014 7.5% 11.4%
2013 15.5% 29.6%
2012 20.8% 13.4%
2011 1.4% -0.0%

Risk metrics Last 365 days

as of July 20, 2017 Manager (net of fees ) S&P 500
Volatility 10.1% 8.1%
Sharpe Ratio -0.61 1.57
Sortino Ratio -0.80 2.18
Maximum Drawdown -12.3% -4.8%
Value-at-risk (95%, 1 week) -2.3% -1.9%
vs. S&P 500
Information Ratio -1.74
Alpha -9.7%
Beta 0.38
R-Squared 0.09

Exposure

21.9%
20.9%
20.1%
18.5%
18.4%
  • Technology
  • Consumer, Cyclical
  • Consumer, Non-cyclical
  • Financial
  • Communications

Top 5 securities

21.9%
20.9%
20.1%
18.5%
18.4%
View all

Portfolio commentary

  1. Profile Picture Trump reset November 14, 2016

    The stock market prices in the Trump policy shift

  2. Profile Picture Asia tilt October 12, 2016
  3. Profile Picture Volatile times for stocks July 13, 2016
  4. Profile Picture Brexit: The big picture July 01, 2016
  5. Profile Picture Navigating choppy waters June 23, 2016
Show more

Latest transactions Average trades per month 2.4

Executed Symbol Security Type Price
July 17, 2017 SGBK Stonegate Bank Buy $46.49
July 17, 2017 TRCO Tribune Media Co Buy $41.37
July 17, 2017 BCR CR Bard Inc Sell $319.54
July 17, 2017 NXPI NXP Semiconductors NV Sell $109.48
July 17, 2017 WR Westar Energy Inc Sell $49.48
July 17, 2017 RAD Rite Aid Corp Sell $2.30
May 10, 2017 BCR CR Bard Inc Buy $305.58
March 02, 2017 HW Headwaters Inc Buy $23.18
View all

Manager's other portfolios

Atlas Capital - Global Downside Protected Global Downside Protected

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Important Information

  1. Past performance is no guarantee of future results, and all investments, including those in this portfolio, involve the risk of loss, including loss of principal and a reduction in earnings.  
  2. All performance information on this page is based on the performance of the Portfolio Manager’s account, using the manager’s own funds. Portfolio Manager’s pre-IB Asset Management performance information may include performance of non-IB Asset Management client accounts. Performance of the Portfolio Manager's account is calculated by IB Asset Management on a daily time-weighted basis, including cash, dividends and earnings distributions and reflects the deduction of broker commissions. Manager returns include trades and positions that fail IB Asset Management's trading rules, as a result, actual client returns will differ. IB Asset Management advisory fees are simulated and applied retroactively to present the portfolio return "net-of-fees".
  3. None of the performance information displayed on this page is based on the actual performance of any IB Asset Management client account investing in this portfolio. The performance in an IB Asset Management client account invested in this portfolio may differ (i.e., be lower or higher) from the Portfolio Manager’s account performance based on any trading restrictions imposed by the client (resulting in different account holdings), time of initial investment, amount of investment, frequency and size of cash flows in and out of the client account, applicable brokerage commissions, and different corporate actions. Clients investing in this portfolio may view the actual performance of their investment in this portfolio by logging into their IB Asset Management account and reviewing their customized dashboard.
  4. All graph data is as of the end of day for the referenced period, unless otherwise specified. The investment minimum is the minimum investment required to follow a particular portfolio. The minimum amount is determined by IB Asset Management, based on the characteristics of the underlying portfolio. It should not be considered as specific investment advice for your investment situation.
  5. The performance charts are provided for informational purposes only, and should not be used as the basis for making an investment decision. We rely on mathematical formulas, computer programs, and pricing information from third-party vendors to provide these returns. Neither IB Asset Management nor any of its data or content providers shall be liable for any errors in this information or any actions taken by you in reliance upon this information.
  6. Benchmark returns displayed have been calculated by IB Asset Management using daily benchmark prices and do not include dividend income. More information here. For certain portfolios IB Asset Management uses an index as a benchmark, while for others it uses an investable exchange traded fund (ETF) as a benchmark. Index returns do not reflect the deduction of any management fees, transaction costs or expenses. Individuals cannot invest directly in an index. Investable ETF returns reflect the deduction of (i.e., are net of) management fees, transaction costs and expenses.
  7. All Portfolio Manager information including personal data, profiles, strategies, monthly investment reports, and historical results outside of IB Asset Management has been provided by the Portfolio Manager. IB Asset Management makes no representation or warranty of its accuracy, completeness or relevance and it does not represent the opinions of IB Asset Management. Transaction history of Portfolio Managers is available upon request. Portfolio classifications are provided by IB Asset Management, and are intended to serve as a general guide.
  8. Not all transactions listed will appear in accounts due to IB Asset Management's trading rules and individual client constraints. Eligibility of these securities is monitored periodically, and may change over time. Actual client investment holdings may vary.
  9. The Portfolio Manager could use short selling to manage this portfolio. Short selling is more complex than simply owning securities, involves a high degree of risk, is highly speculative, and is not suitable for all investors. The risk of loss associated with short selling is virtually unlimited. Short selling may also involve additional expenses and risks, including hard-to-borrow stock charges and buy-in risk. You should only select a portfolio using short selling if you are comfortable with the level of risk involved in short selling.
  10. The Portfolio Manager could use borrowed funds or leverage to fund investments in this portfolio. Leverage indicates the level of margin utilized and is calculated by dividing gross exposure by portfolio net liquidation value. Leverage involves a high degree of risk, is highly speculative, and is not suitable for all investors. Leverage increases both the amount you may lose and the amount you may make in a portfolio, leading to higher returns in the case of favorable market movements but also larger losses under adverse market conditions. You may also incur additional expenses associated with borrowing funds. You should only select a portfolio using leverage if you are comfortable with the level of risk involved in using leverage.