Arrow Hedge Partners launches Arrow Distressed Securities Fund

By Caroline Salls

Pittsburgh, July 20 - Arrow Hedge Partners Inc. launched the Arrow Distressed Securities Fund, according to a company news release.

The fund is now available for purchase, according to the release, and is advised by Schultze Asset Management LLC, which is based in Purchase, N.Y.

The fund's investment objective is to achieve superior capital appreciation through special situation investing in distressed and financially troubled companies.

The manager invests primarily in U.S. distressed debt and equity securities and follows a "bottom up" value investing strategy, selecting both long and short positions using fundamental analysis to identify grossly undervalued securities from distressed firms where the manager believes a catalyst exists for value realization, the release said.

The manager will invest at any point in the reorganization process at all levels of a firm's capital structure.

The portfolio typically holds 60 to 75 positions.

Schultze Asset Management has been managing the Arrow Distressed Securities Fund since its inception in July 2003, which, until now, was only available for investment as part of the Arrow Multi-Strategy Fund and the Arrow Global Equity Long/Short Fund.

The fund will have a capacity of about C$125 million.

Arrow Hedge Partners Inc. is a Toronto investment management company.

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