Hedged Credit and CEFs: Event Driven and Relative Value Opportunities – Absolute Funds – 8.26.25

Overview:
Title: Hedged Credit and CEFs: Event Driven and Relative Value Opportunities
Date: Tuesday, August 26, 2025
Time: 1:00 PM Eastern Daylight Time
Duration: 1 hour

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Summary:

Finding compelling and unique sources of return is increasingly difficult. Absolute Investment Advisers LLC will discuss two solutions: convertible arbitrage and an opportunistic Closed End Fund (CEF) strategy.

Topics to be discussed:

  1. Golden Age: A solid credit backdrop, robust new issuance, increased stock volatility and higher rates are supportive for convert arb while corporate actions are very prevalent in CEFs.
  2. Inefficient Markets: Compared to other publicly traded asset classes, CEFs and convertible bonds are frequently misunderstood which can create opportunities.
  3. Drivers of Performance: Understanding tenders, rights offerings, conversions, liquidations, and mergers in CEFs and how convert arb can benefit from volatility, short balance interest and special situations.
  4. Allocation Versatility: Event driven and relative value strategies can complement equity, fixed income, and other alternative allocations.

    5. Accepted for 1 CFP / IWI / CFA CE Credit

Speakers:
Nathan Houser Nathan Houser Principal, Manager Research Absolute Investment Advisers

Mr. Houser is responsible for new manager research and due diligence analytics. He also assists the portfolio manager with the day-to-day management of the Funds, including portfolio monitoring, risk measurement and operations.

Mr. Houser joined Absolute after serving for eight years as a Research Analyst for Shetland Investments, a Boston area family office. At Shetland he was responsible for sourcing and evaluating alternative investments including researching new strategies and allocation modeling. Mr. Houser received his AB from Bowdoin College.
Kevin McNally Kevin McNally Portfolio Manager, CEFs Absolute Investment Advisers

Mr. McNally is responsible for portfolio management for Absolute’s Finn Strategies Division which seeks to take advantage of the inefficiencies in the closed-end fund market. Prior to joining Absolute, he was a Portfolio Manager and Managing Director at Clough Capital Partners, LP. Previous experience includes Director of Closed-End Funds at ALPS Fund Services, Director of Closed-End Fund and ETF Research at Smith Barney, a division of Citigroup Global Markets, Director of Closed-End Fund and ETF Marketing at Morgan Stanley Dean Witter Discover & Co, an Analyst covering CEFs in the Mutual Fund Research Department at Merrill Lynch, Pierce, Fenner, & Smith, Inc., and was Manager of the Closed-End Fund Marketing Department at Prudential Securities. BA – University of Massachusetts at Amherst, MBA (Finance) – NYU Stern School of Business.
Chris O’Grady Chris O’Grady Director, Institutional Relationships Absolute Investment Advisers

Prior to joining Absolute in 2023, Chris was CIO at The Dakota Funds Group for 11 years. Chris worked for various asset management or distribution firms from 2002 to 2012 including Coda Capital Management, which ran convertible bond and convertible arbitrage strategies. Prior to 2002 Chris held various positions at Goldman Sachs, Credit Suisse and Bank of America.

Chris received his BA from Notre Dame University. He has the Series 3, 7 , 63 and 65 securities registrations.