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 – January 2026
Strong performance in share class arbitrage, merger arbitrage and equity capital markets strategies combined for a robust start to 2026. The team remains optimistic that the current environment across our core strategies brings the opportunity for continued outperformance.
Positive performance in January was mainly driven by the spread compression in a core non-fungible share class arbitrage position that we had been increasing exposure to during prior months of spread widening. Performance also came from M&A as one of our key positions received an improvement in terms during the month. A couple of equity placement opportunities also contributed towards incremental performance. Positive performance was partially offset by a position that was impacted by weaker sentiment from the agentic AI disruption as well as the widening of spreads in an A/H position.
While M&A deal activity is typically less pronounced during the start of the year due to the holiday season, mega deals dominated headlines in January this year with Toyota agreeing to hike its offer for Toyota Industries, as well as the Glencore and Rio Tinto merger that lapsed after the companies failed to agree on terms. ECM activity remains heightened in Asia as companies look to raise funds ahead of the Lunar New Year holiday. Given the number of high-quality issuers who are looking to raise capital after a prolonged period of sub-optimal equity market valuations, we see the potential for significant outperformance in this strategy. As we have seen periods of heightened equity market volatility at times in January and early February, our overall trading posture similarly remains highly active, providing for opportunities in our arbitrage-focused strategies in particular to outperform, as was the case in 2025 in several instances.
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]
