We Are Kore Capital
Founded in 2002 by J Gary Kosinski and Jason Regan, Kore Capital (“Kore”) is a multi-strategy credit manager whose investment objective is to maximize absolute return over the long-term while minimizing the risk of capital loss.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
INVESTMENT IN FUNDS INVOLVES RISK OF FINANCIAL LOSS
ABOUT
Firm Overview
BACKGROUND
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Founded in 2002
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Senior investment professionals have worked together for over 20 years using the same risk management methods and investment strategy
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Senior investment professionals have significant capital invested
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STRATEGY & OBJECTIVES
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Focus on rates, corporate credit, structured finance, and distressed investments
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Target market inefficiencies and relative value trading opportunities
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Have an opportunistic approach to security selection and portfolio construction
INVESTMENT APPROACH
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Bottom-up fundamental cash flow analysis and security selection
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Top-down macro economic analysis and portfolio construction
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Target asymmetric risk/reward profiles as identified by our proprietary database and in-house algorithms
INVESTMENT UNIVERSE
Agency RMBS
• Conventional IOs
• Inverse IOs
• GNMA IOs
• Project Loan IOs
• Specified Pools
• Credit Risk Transfer
RMBS, CMBS & ABS
• Subprime
• Alt-A & POAs
• Re-REMICs
• RPL/NPL
• SFR
• Small Balance
• Student & Auto
• SASB & CRE CLOs
• CMBX & Conduit
U.S. Corp. Credit
• Investment Grade
• High Yield
• CDS
• Convertible Bonds
• Preferred Stock
• Municipals
U.S. Rates
• Treasuries/TIPS
• Agencies
• Swaps
• Swaptions
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U.S. Equities
• Mortgage REITs
• Originators
• Loan Servicers
• Financials
• BDCs
• Energy
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
INVESTMENT IN FUNDS INVOLVES RISK OF FINANCIAL LOSS
HOW WE INVEST
The Opportunity
OUR FOCUS
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Access to niche opportunities in credit and fixed income
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Efficient engineering and structuring for better trade execution
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Proprietary IP built in-house to evaluate every single trade
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Capital preservation
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Asymmetric returns
WHAT ARE WE SEEING NOW?
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Mispriced structured securities
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Mispriced credit default curves
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Tight bank lending standards
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Investors wanting to find higher returning fixed income alternatives
INVESTMENT PRINCIPLES
Seek: Niche Opportunities
Execution: Efficient Engineering/Structuring
Emphasize: Capital Preservation
Structure: Target Asymmetric Opportunities
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
INVESTMENT IN FUNDS INVOLVES RISK OF FINANCIAL LOSS
HOW WE INVEST
Investment & Risk Process
A DISCIPLINED AND PROCESS DRIVEN APPROACH
The Investment Committee:
Decides:
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If an investment should be made
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If a sub-strategy should be pursued
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Merits of the investment
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Suitability of the overall strategy
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Appropriate investment size
Conducts analysis to determine:
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"Adverse Move" / defined risk
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Performance
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Position sizing
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Risk mitigation
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Ascertaining potential risks which may be introduced to the overall portfolio
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Top Down Approach
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Focused Investment Themes
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Identify Dislocations
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Bottom Up Approach
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Cash Flow Valuation
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Structure & Credit Analysis
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Timing & Execution
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Portfolio Fit
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Liquidity & Size
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Ongoing Evaluation
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Surveillance & Exposure
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Risk & Sensitivity Tests
HOW WE INVEST
Experience
Over 30 years of experience
Senior Team has
worked together for
an average of 20 years
Focus on Credit, Rates, Structured Finance, and Distressed investments
Seek capital preservation, appreciation, and income
Partner capital invested alongside Kore clients
Experience through
multiple credit cycles
Join Kore Capital
Kore Capital provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion, gender, sexual orientation, gender identity or expression, national origin, age, genetic information, disability, veteran status, other distinguishing characteristics of diversity and inclusion, or any other status protected by the laws or regulations in the locations where we operate.
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