A Message From The Fund Manager,
Adrian Courtenay

Dear Investor,

Welcome to the GA-Courtenay Special Situations Fund.

We operate at a time defined by rapid by rapid shifts in technology, geopolitics and demographics. Those forces are compounding volatility, but they are also creating a deep opportunity set for investors who can distinguish durable value from noise. Our mandate is explicit: deliver attractive compounding while providing meaningful protection of capital.

The fund focuses on exceptional businesses with resilient cash flows, strategic assets and strong governance, often in situations where complexity, structural change or dislocation create mispricing. This is paired with a disciplined, positive-carry hedging framework designed to mitigate market drawdowns and support an asymmetric return profile.

In April 2025, The Hedge Fund Journal recognised GA-Courtenay Special Situations as the best-performing event-driven UCITS hedge fund over the trailing five-year period, reflecting the robustness of our philosophy and process. Our track record of more than six years also includes a full platform transition, during which financing and derivative arrangements were withdrawn in 2023 and subsequently re-established from the second half of 2025 onwards. That period tested and ultimately reinforced our infrastructure, counterparties and risk disciplines. The fund is now positioned with an enhanced toolkit to again pursue peer-group leading results.

We are committed to clarity as well as performance. This website sets out our investment framework, selective case studies, risk architecture and portfolio governance, alongside research papers, investor letters and regular webinars.

We would welcome a conversation about how GA-Courtenay Special Situations can serve as a long-term home for your capital, defined by disciplined stewardship and a relentless focus on downside-aware value creation.

Best regards,
Adrian Courtenay