A Message From The Fund Manager,
Adrian Courtenay

Dear Investor,

Welcome to the GA-Courtenay Special Situations Fund.

In an age where technology, geopolitics and demographics continue to shape Western economies at a pronounced gradient, the co-incidence of both profit opportunity and uncertainty results in a heightened need for investment solutions to deliver on a dual mandate: performance twinned with protection.

This recognition defines our approach. We look to identify exceptional businesses, either themselves dominant beneficiaries of the emerging era or so resilient that they can withstand and prosper regardless within a dynamically changing world. We also amplify our holdings – the fund is modestly levered – and the fund is additionally protected against market downside by holding index put options funded by merger arbitrage yield. The result is a differntiated portfolio design, targeting the amplification of investment upside within a construct protected against market downside, and resulting in the potential for rewarding performance asymmetry.

In April 2025, The Hedge Fund Journal named the GA-Courtenay Special Situations Fund the best-performing event-driven UCITS hedge fund over the trailing five-year period. Whilst the award reflects the effectiveness of our strategy to date, the fund’s more than 6 year history also includes a period in which we transferred our platform sponsor, a process which also resulted in financing and derivative agreements withdrawn yet ultimately re-gained. Today, the fund has emerged stronger, and is again empowered to target peer group leading returns.

Our commitment is to both excellence and transparency. The fund’s website provides detailed insight into our investment philosophy, individual stock theses, and risk controls. It also hosts our research papers, investor letters, and quarterly webinars – all aimed at keeping our investors fully informed.

We look forward to hearing from you, and to providing a long-term home for your capital – a home defined by thoughtful stewardship and enduring performance.

Warm regards,
Adrian Courtenay