This event-driven fund is betting on ChampionX, Caesars and Vista Outdoor [Q1 Letter]

Gates Capital’s ECF Value II fund was up 9.4% for the first quarter, compared to the HFRI Event-Driven Index’s 8.2% gain, the Russell 2000’s Value Total Return Index’s 21.2% gain, and the S&P 500’s 6.2% return. Q1 2021 hedge fund letters, conferences and more Gates Capital Management is an event-driven value investing fund that focuses on identifying the best risk/ reward relationships within a company’s structure for long positions and the worst risk/ reward relationships for short positions. Contributors In their first-quarter letter to investors, which was reviewed by ValueWalk, the Gates Capital team said event-driven equity positions boosted their…