Cohanzick Management, LLC
427 Bedford Road, Suite 230
Pleasantville, NY 10570
Credit Opportunities/Absolute Return: Focus on credits which may be misunderstood and either under- or over-valued. A typical long or short credit investment requires the ability to envision how an issuer's operating performance is likely to change, for better or worse, identifying any risks or circumstances presented by market conditions, legal obligations and capital structure. Successful investing incorporates understanding the behavior and motivations of issuers' management and participants at large. The objective is to achieve high risk-adjusted total return through income and/or capital appreciation. Event-driven and value equity investing may be a major component of the absolute return strategy. By targeting individual security selection based on identifiable events, downside risk is limited to a holding period bounded by a defined timeframe, achievement of certain milestones or attainment of security-specific valuation benchmarks. The credit opportunities include: "money good" total return, special situations, trading positions, distressed, and outright shorts. The equity opportunities include: "fundamental value", event-driven, post re-org/spinoffs, arbitrage & stub equities, legal processes & liquidations, trading positions and outright shorts. The strategy may also pursue portfolio & macro investments, primarily industry, market and currency hedges.
All of our investment strategies are speculative and involve significant risk including, without limitation, the loss of principal.