A Message From The Fund Manager,
Adrian Courtenay

Dear Investor,

Welcome to the GA-Courtenay Special Situations Fund.

Our approach targets advantaged investment outcomes by focusing on monopolistic business models with high barriers to entry that dominate industries with enduring growth tailwinds and, in the most compelling cases, are deeply mispriced due to esoteric circumstances. Barriers to entry—technological, regulatory, scale-based, or network-driven—are a critical determinant of long-term investment outcomes. They underpin excess returns on capital while reducing the risk of over-reliance on forecast precision in environments otherwise characterised by emerging or persistent competitive threats.

Portfolio holdings differ not by selection philosophy but by maturity. Some monopolies are long established; others are earlier in their lifecycle, where durable moats exist but are only identifiable through rigorous, first principles research. By holding equities across the maturity spectrum, the fund combines portfolio balance with long-term compounding while remaining anchored to a consistent underlying investment logic.

Leverage is applied not to speculate on sectors, narratives, or timing, but to amplify exposure to durability itself. By restricting the long book to businesses where competitive erosion is structurally constrained, the fund seeks exceptional long-term outcomes without the fragility typically associated with high-return strategies. Systemic market dislocations—such as liquidity shocks or regime breaks—are addressed separately through an always-on, positive-carry hedge, protecting the path to compounding through periods of elevated volatility.

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. That record, however, also encompasses a full platform transition following the withdrawal of financing and derivative arrangements in 2023, which were only re-established from the second half of 2025. This period tested—and ultimately reinforced—the fund’s infrastructure, counterparties, and risk disciplines.

Today, the strategy again operates with its full toolkit deployed within a specialised and resilient framework, positioning the fund to deliver peer-group-leading outcomes.

My objective is to anchor the strategy in a depth of framework and analytical rigour that goes beyond conventional practice. When each investment is treated as a first-principles inquiry, capital can be allocated more intelligently. Over time, my vision is that the fund can become a constructive force in global markets, reducing capital misallocation and helping high-quality businesses scale their most productive trajectories.

Best regards,

Adrian Courtenay