Strategy Overview
Our strategies trade a broad range of markets spanning global interest rates, currencies, commodities and equities and are designed to produce attractive absolute and risk-adjusted returns with low correlation to traditional assets and other alternative strategies.
Multi-Strategy Credit
Our team has an extensive history of identifying attractive long and short, event-driven investment opportunities across the capital structure.
Our Flagship strategy seeks to deliver attractive long-term risk-adjusted returns through varied market environments while preserving capital and managing volatility. The Flagship endeavors to be an all-weather, credit-driven alternative to traditional fixed income.
We focus on marrying rigorous fundamental research with tactical trading and exceptional sourcing capabilities to identify and execute on compelling investment opportunities. Leveraging our deep expertise in credit, we invest dynamically, up and down the capital structure, across asset classes and geographies in public and private markets. We are fundamental tacticians.
Global Drawdown Strategy
Ischyros New York has launched its Global Drawdown Strategy as a way to capitalize on longer duration opportunities arising from dislocations in the credit markets. We believe this strategy benefits from our vast experience investing in bankruptcies, restructurings, litigations and structured credit. We are focused on idiosyncratic, complex and process-driven investment opportunities which require exceptional sourcing capabilities and extensive legal and analytical skills.
Current themes include: sector dislocations due to shifting supply/demand dynamics or industry disruption; liquidity needs such as bridge, rescue, or asset-backed financing; forced selling stemming from maturities/other deadlines, allocation constraints or strategy changes; and complex situations such as multi-layered capital structures or cross-border and multi-jurisdictional issues.
Tactical Opportunities Credit
Focused on dynamically capturing compelling risk-adjusted returns across public and private performing credit globally.
The Opportunistic Credit Strategy seeks to capitalize on opportunities across the entirety of the performing credit spectrum with a flexible mandate, investing in private and public credit markets globally. It focuses on a combination of current income and capital appreciation.
Special Situations
We employ an all-weather, flexible capital strategy that targets private and public debt and non-control equity investments in middle market companies undergoing transformational change or stress. Our strategy targets a broad spectrum of non-distressed special-situation, stressed and distressed investments, primarily in North America and Europe. To further enhance flexibility, our strategy employs an industry, enterprise value and capital structure (i.e., debt or equity) agnostic approach to seek to identify in our view mispriced opportunities across various market environments.
Non Core Strategies
Equity-Oriented
The firm takes equity-oriented positions in several of its strategies, and takes on such positions in a variety of forms. It is less common for the firm to take on long equity positions which are just driven by valuation considerations. Ischyros seeks out positions in particular which are uncorrelated with other positions in the portfolio or with the risks and expected price movements of equities generally, or where value and protection against risk can be enhanced by the firm’s manual efforts. Positions with a high asymmetry of reward to risk create a high degree of optionality
Distressed Securities
The firm’s distressed-securities trading strategies are rooted in complexity, either by itself or together with process, rather than business-value-driven situations. To create value in complex, dynamic situations, distressed securities are highly dependent on deep skill sets and lengthy, intensive hands-on efforts. Our primary focus is uncorrelated situations governed by process, complexity, negotiations, and factors unrelated to the forces impacting stocks and bonds generally.
Non-Distressed Debt
Non-Distressed debt includes first lien bank debt, unsecured corporate debt which the firm believes will be serviced without restructuring, and structured credit products. These highly complex products often involve analyses of multiple layers of securitization and are not well understood by many investors. Ischyros's expertise in these products allows the firm to identify attractive relative-value situations where securities can be mispriced significantly. The firm’s opportunistic approach and experienced team enable Ischyros to delve deeply and quickly into areas of the credit markets which are under pressure or suddenly present interesting opportunities.
Hedge / Arbitrage
A portion of Ischyros's portfolio is in what are referred to as hedge/arbitrage positions. This strategy is comprised of event arbitrage, related securities arbitrage, convertible arbitrage, volatility arbitrage and fixed-income arbitrage. Hedge/arbitrage are designed to take advantage of small anomalies between similar or related instruments on an opportunistic basis and to assist in achieving overall portfolio risk management goals.
Commodities Trading
Ischyros's commodities trading strategy aims to exploit mispricings in the forward curves of certain commodities, as well as taking directional positions based on its views of the prices levels and trends. Ischyros primarily trades crude oil and oil products, natural gas, power, precious and base metals, and agricultural commodities.
Portfolio Volatility Protection
Portfolio Volatility Protection positions are intended to hedge Ischyros's portfolio against certain adverse market conditions; hedging individual positions against general market fluctuations as well as price volatility in various asset classes. Ischyros utilizes a variety of instruments within this strategy including, without limitation: credit, equity, volatility, interest rates, gold, and currency instruments.