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 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: deliver double digit percentage compounding while providing meaningful protection of capital.

The fund focuses on dominant growth businesses with resilient cash flows, strategic assets and strong governance, often in situations where 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, revealing the advantages embedded within the fund’s philosophy and process. However, 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more than six years also includes a full platform transition, during which financing and derivative arrangements were withdrawn in 2023 and re-established only from the second half of 2025 onwards. That period tested yet ultimately reinforced our infrastructure, counterparties and risk disciplines.

Despite the temporary headwind, fund unit holders today should rest assured that the fund again operates with all tools deployed within a framework fully enhanced to again deliver peer-group leading results.

My vision is for the strategy to be anchored in a depth of research and analytical rigour that goes well beyond conventional practice. When investment decisions are grounded in this manner—treating each situation as a unique, first-principles inquiry—capital can be allocated more intelligently. In turn, the fund becomes a constructive force in global markets, reducing capital misallocation and helping high-quality businesses scale their most productive trajectories.

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 focus on downside-aware performance orientation.

Best regards,

Adrian Courtenay