HFM Week honored the best and brightest at its inaugural U.S. performance Awards. Nick Swenson was awarded the Credit Manager of the Year 2007 by HFM Week.
WHITEBOX HEDGED HIGH YIELD PARTNERS LP
The Whitebox Hedged High Yield Fund seeks to deliver high absolute returns by dramatically reducing net default risk on a hedged portfolio of high-yield securities. They do this primarily by buying the cheapest part of a company’s capital structure and shorting a more expensive part of the structure that yields an efficient hedge. Classically, this means buying cheap debt and selling relatively overpriced equity, but they range across the capital structure so that any of their trades take forms such as bond vs. equity put; senior debt vs. subordinate; longer dated vs. shorter; lower coupon vs. higher; or occasionally cash vs. derivative.
WHAT THE JUDGES SAID
Whitebox has excellent characteristics and they also profited through the difficult summer period.