• Seeks to maximize returns by investing in a portfolio of assets related to the rapid evolution of the securitized credit markets, including:

• residential and commercial mortgage-backed securities
• corporate and consumer finance asset-backed securities
• collateralized debt obligations (cash and synthetic) across various sectors
• structured bonds (ABCP, SIV, municipals)
• corporate debt and equities of structured credit-related companies
  
  
• Opportunistic, multi-strategy portfolio targeting approximately 20-25 core positions
  
  
  • long or short positions, in cash or derivative format
    
    
• Core competency in the fundamental asset valuation of structured credit instruments across underlying asset types and throughout the capital structure
  
  
  • ability to evaluate esoteric assets and complicated, securitization-intensive balance sheets
    
  • leverages Contrarian’s entire platform to analyze structured products backed by corporates and real estate
    
  • collateral analysis and structural expertise form the basis of the strategy
    
    
• Broad network of contacts at dealers and market participants allows Contrarian to source off-the-run exposure
  
  
  • most products are traded over-the-counter; some are traded only by appointment
    
    
• Fundamental asset valuation combined with an understanding of the entire global structured credit market minimizes downside risk and maximizes opportunity set

• ability to anticipate supply technicals and understand interconnections between asset classes
• evaluate event-risk and investment opportunities from structured vehicle unwinds due to leverage-based or ratings-based triggers

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Portfolio Manager: Mark Crawley