Carlson Capital Arbitrage Profits From Celgene/Bristol-Myers Mega DealRupert Hargreaves
Carlson Capital's Black Diamond Arbitrage Partners fund returned 1.62% net of fees for investors for the first quarter of 2019. According to a copy of the fund's first quarter investor update, a copy of which has been reviewed by ValueWalk, during the quarter merger arbitrage investments contributed 178 basis points to performance while special situations and other event-driven positions added 49 basis points.
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Even though the total value of global mergers and acquisitions announced during the first quarter of 2019, was down year-on-year, the team at Carlson's Arbitrage Fund notes the "universe of mega-cap strategic deals continues to expand," and more importantly, activity is diversified across industries with no-one industry accounting for an overbearing percentage of M&A.
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