Overview
Tycho Athos Event Driven Fund is an equity biased, event driven fund with a primary focus on short dated and liquid hard catalyst events in the Asia Pacific region and beyond. Athos Capital Limited was founded by Matthew Moskey and Fred Schulte Hillen, two seasoned event driven investors.
Strategy & Manager
Fund Strategy
Tycho Athos Event Driven Fund is an equity biased, event driven fund with a primary focus on short dated and liquid hard catalyst events in the Asia Pacific region, with the ability to invest a portion of the portfolio in global and softer catalyst event opportunities.
The founders have built up years of experience in the event driven space at both large multi national asset managers and Asian focused funds, and are industry veterans with M&A banking, special situations trading, and regional transactional, legal and operational skill sets.
The team’s core belief is that a unique, low volatility, and uncorrelated income stream can be extracted from Asian hard catalyst event situations, and that their strategy of nimble trading, individual trade structuring, and dynamic portfolio construction is ideally suited to crystalize superior returns from that opportunity set.
Investment Manager
The Athos Capital partnership combines individuals with broad and complementary event driven experience across M&A banking, special situations trading, as well as M&A legal and Asian operations. Since launch the team has consistently been nominated for industry awards, including for the HFM Best Long Term Event Driven Performance and Best Event Driven Manager awards, as well as the Eurekahedge Best Asian Event Driven Awards, with wins in 2014, 2015, 2018, and 2019.
Key Persons
Matthew Moskey - Principal and CIO
Matthew is a veteran portfolio manager in the Asian event driven space. Prior to co-founding Athos Capital in 2011 he was the portfolio manager for Tiresias Capital’s Omni Asia Fund, after being a portfolio manager for Centaurus Capital, where he opened the Hong Kong office and consistently generated superior returns for a dedicated Asia fund. He has in the past been responsible for event portfolios in excess of US$1 billion. Matthew’s background is as an M&A banker with Dresdner Kleinwort, where his core focus was around natural resources. His combination of fundamental M&A banking skills, strong network of contracts with corporates and bankers throughout the Asia Pacific region, and strong portfolio management experience form the basis of our portfolio construction process. Coupled with a superior and demonstrated risk management approach, Matthew has in the past produced superior returns while aggressively limiting downside during periods of market dislocation.
Fred Schulte-Hillen - Principal and Portfolio Manager
Fred has been overseeing portfolio management, risk analysis, and business building functions for event driven strategies since 2006 and is a veteran event driven and special situations portfolio manager in the Asia-Pacific context. Prior to co-founding Athos Capital in 2011 he oversaw the legal analysis, execution and trade structuring functions for an Asian event driven portfolio of over US$1 billion at Polygon Investment Partners, and then in the context of Black’s Link Capital, an Asian event driven manager he co-founded in 2009. Prior to working for hedge funds he was an M&A lawyer with Sullivan & Cromwell, running complex cross-boarder deals throughout the Asia-Pacific region. Fred’s focus is on portfolio management of core conviction hard catalyst event and special situations opportunities, as well as on the institutional quality of our business and risk management process.
Performance
Class Performance
Commentary
Investment Manager’s Commentary – July 2025
July continued the momentum of strong performance as several positions in M&A that we had built into during the period of heightened volatility in Q2 paid off as catalysts came to pass. Additionally, a number of ECM positions contributed to the positive performance in July as we saw an influx of equity market fundraising activity and we expect high quality names to continue to come to the market given the prolonged period of lower issuances since 2022.
Positive performance mainly came from a rumoured M&A name as well as another transaction that concluded in July. The team added to these two strategies in Q2 during periods of market volatility when deal spreads widened. A broad number of ECM positions as well as two holding company spread positions also contributed to incremental performance. Performance was partially offset by an ADR spread position that we have been trading during periods of market volatility.
While geopolitical uncertainties have to a certain extent caused delays or uncertainties to a small number of deals relevant to our merger arbitrage strategy, M&A deal-making is very much active especially as we continue to see multibillion-dollar deal announcements along with increased clarity around trade policies and rebounding equity market conditions that have set the stage for deal making. We have been increasing exposure in a few positions with near term deal catalysts, adding to the return potential of the Fund over the remainder of the year.
Outside of M&A, ECM activity has notably increased particularly since the second quarter. While activity may be less pronounced during August as we head into earnings season, we are anticipating several additional high conviction opportunities that may come to market over the coming months.
Documents
Contact
Registered Office of the ICAV:
35 Shelbourne Road
4th Floor
Ballsbridge, Dublin
D04 A4E0
Ireland
Dealing Contact:
Tycho ICAV
Attention: TA Department
c/o Société Générale Securities Services
SGSS (Ireland) Limited
3rd Floor, IFSC House
IFSC
Dublin 1, Ireland
T: 00353 1 6750 300
F: 00353 1 6750 351
E: [email protected]
