Europe

Overview

ABOUT

The MSD European Opportunity Team employs a fundamental, value-based strategy that targets a concentrated and idiosyncratic portfolio of equity and debt securities.

APPROACH

The Team typically invests in three broad categories of opportunities: core value equity, special situation equity and distressed debt. Core value equity investments are high-quality, defensive businesses run by management teams with owner-operator mindsets. Special situation equity includes businesses trading at steep discounts to intrinsic value with a path to realizing value. Distressed debt includes applying our understanding of processes to produce the best possible outcome for all stakeholders in businesses facing balance sheet issues. In the event investments do not meet our return hurdle, we prefer to hold cash. The Team generally avoids leverage, rarely takes short positions and makes limited use of idiosyncratic hedges.

PHILOSOPHY

We view ourselves like owners of a business rather than traders of securities. We demand a substantial margin of safety in each of our investments.

INVESTMENT OBJECTIVE

The EOF Team’s mission is the pursuit of excellence in the practice of value investing. We believe that diligently pursuing this mission will preserve capital and generate attractive risk-adjusted returns over a series of market cycles.

Unique Attributes

1 of 3

Culture

We believe a strong, collaborative culture can provide the Team with the stability to approach markets in a countercyclical manner.

Value

We are value-focused with the ability to be both long-term minded as well as opportunistic. We are able to hold investments for substantial periods of time, as well as to seek out value across capital structures.

Partnership

We cultivate partnerships and benefit from patient, long-term capital.

We believe a strong, collaborative culture can provide the Team with the stability to approach markets in a countercyclical manner.

Culture

We are value-focused with the ability to be both long-term minded as well as opportunistic. We are able to hold investments for substantial periods of time, as well as to seek out value across capital structures.

Value

We cultivate partnerships and benefit from patient, long-term capital.

Partnership

Team

The EOF team employs a collaborative approach focused solely on portfolio results.

We adhere to our culture in an uncompromising fashion, providing the Team with the stability to approach markets in a countercyclical manner.