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Hildene Capital Management, LLC

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Hildene Capital Management, LLC

Overview:

Hildene Capital Management (Hildene) is a New York-based asset management firm focused on structured finance investments with over $1.3 billion in assets under management. Hildene’s core discipline is a classic buy-and-hold strategy.

Hildene Opportunities Funds – Funds I & II (HOF) – distressed secondary positions in collateralized debt obligations (CDO’s), collateralized loan obligations (CLO’s), residential mortgage-backed securities (RMBS), and other asset-backed securities (ABS). Hildene invests across the capital structure and seeks to drive returns through both the collection of current cash flow and long-term price appreciation

Hildene Leveraged Credit – Fund III (HLC) – leveraged investments in sub-investment grade corporate credit; investments in quality leveraged loans and high yield, financed by HLC-managed CLO’s and warehouse lines

Hildene’s core strategy is buying and holding attractive assets (in both relative and absolute terms), which may be mispriced due to factors such as inefficient markets, misunderstood value, product/business complexity, as well as other unique characteristics.

Hildene Opportunities Funds (HOF) – HOF believes that substantial opportunity exists in the structure finance market due to poor legacy underwriting, a faulty rating process, investment bank balance sheet clean-up, and decreased liquidity. Hildene uses conservative investment principles, including:

   A proven discipline of patience and innovation to find overlooked market opportunities
   Focus on capital preservation and current returns
   A “bottom-up” investment approach to identify deep value assets with asymmetric return profiles
   Broad position diversification
   Constant monitoring of asset performance, structures and counterparties
   Targeting low correlation to the broadly-based stock and bond indices

Hildene’s breadth and depth of expertise allows it to look at complex structured credit situations to opportunistically uncover value dislocations.

Hildene Leveraged Credit (HLC) – Leveraging Hildene’s deep knowledge of the CLO market and CLO structures, HLC strives to profit from attractive corporate credit opportunities, primarily by investing in a series of HLC-managed CLO’s and warehouse lines, which allow for efficient financing of the underlying leveraged finance assets. HLC seeks to deliver attractive risk-adjusted returns to investors, while preserving principal through careful credit selection, proactive portfolio management, and mandatory industry/borrower diversification.

We believe that the most effective way to capitalize on the current corporate credit opportunity is by combining good credit investments with attractive long-term financing through the embedded term structure of CLO’s. HLC CLO’s and other financing vehicles focus on liquid, sub-investment grade debt, primarily broadly-syndicated senior secured first-lien loans and, to a limited extent, second-lien loans and senior bonds.

Much of Hildene’s analysis is completed in advance of a potential investment opportunity being executed. We believe that one must be proactive to be reactive. When opportunities present themselves, one must be prepared to move swiftly, as investments can quickly disappear and may never again be seen in the same context.

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