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. Since its inception in 2002, Kore has delivered positive returns every year except one (2008).
ABOUT
Letter from the Chief Investment Officer
J Gary Kosinski
Co-Founder & Chief Investment Officer
Thank you for your interest in Kore Capital.
Taking the first two letters of our surnames, Jason Regan and I founded Kore (“Kosinski” + “Regan”) in 2002 with one sole objective: to maximize absolute return over the long term while minimizing the risk of capital loss. We also knew we’d have to prove our thesis — capitalizing on opportunities in credit and fixed income — by investing our own capital first before becoming the fiduciary of outside institutional capital. Today, Jason and I are the two largest investors in the Kore Fund alongside our trusted investors, reiterating our confidence, commitment and conviction to our unwavering investment principles. Our interest is to grow the firm and our assets judiciously managing the capital of select institutional and private investors who understand and value our investment edge and commitment to capital preservation.
Since inception, Kore has experienced only one down year. As a multi-strategy credit manager, we attribute our solid track record to investing opportunistically while maintaining a disciplined investment process weaving risk management into every step.
The following pages will guide you through the building blocks of our investment process. Recognizing the importance of meeting an institutional standard of excellence, we partner with top-tier service providers to ensure excellence across our business, trading, operations and middle/back office teams.
Thank you for considering Kore as the acting fiduciary for your and your clients’ capital. We look forward to speaking with you.
Sincerely,
J Gary Kosinski
Co-Founder & Chief Investment Officer
ABOUT
Firm Overview
BACKGROUND
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Founded in 2002
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Founders have worked together since 1996
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Total assets under management exceed $1.44Bn (as of 12/31/20)
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Founders and Portfolio Managers have significant personal capital invested
STRATEGY & OBJECTIVES
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Focus on rates, credit, structured finance, and distressed investments
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Capture market inefficiencies and relative value trading opportunities
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Seek capital preservation, appreciation, and income
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Remain flexible and more-nimble relative to other market participants
INVESTMENT APPROACH
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Top-down macro economic analysis and portfolio construction
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Bottom-up fundamental cash flow analysis and security selection
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Target asymmetric risk/reward profiles and embrace a patient outlook
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Disciplined risk management, diversification, and conservative approach
TRADING EXPERIENCE
Agency RMBS
• Conventional IOs
• Inverse IOs
• GNMA IOs
• Project Loan IOs
• Specified Pools
• Derivative Indices
• Credit Risk Transfer
RMBS, CMBS & ABS
• Subprime
• Alt-A & POAs
• Re-REMICs
• RPL/NPL
• SFR
• Small Balance
• Student & Auto
• CLOs & CDOs
• CMBX & Conduit
Credit
• Municipals
• Corporates
• High Yield
• CDX
• Capital Structure
• Arbitrage
Equities
• Mortgage REITs
• Originators
• Loan Servicers
• Financials
• BDCs
• Energy
Rates
• Treasuries/TIPS
• Agencies
• Yield Curve
• Swaps
• Swaptions
• Volatility
ABOUT
Investment Edge
Experienced Team & Track Record
Over 30 years of experience
Investment Team has worked at Kore for an average of 18 years
Focus on Credit, Rates, Structured Finance, and Distressed investments
Positive returns every year except one (2008)
Partner capital invested alongside Kore clients
95% client retention rate since inception
HOW WE INVEST
The Opportunity
WHAT WE OFFER
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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 positive 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: Asymmetric Positive Returns
HOW WE INVEST
Investment Process
A DISCIPLINED AND PROCESS DRIVEN APPROACH
RISK MANAGEMENT COMMITTEE
Conducts rigorous risk analytics to assist in determining:
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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
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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specified risk of a strategy
("adverse move") -
the merits of the investment
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the suitability of the overall strategy
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the appropriate investment size
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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
Our People
“We believe risk must be analyzed on a loan-by-loan basis. In 2008, we created a database that maps every one of our investments: who the bonds traded to, what the coverage was. Today, Kore has a database with millions of records. By looking at every loan, every payment from every borrower, we can track payment history and delinquency. We take nothing at face value and nothing for granted.”
J Gary Kosinski, CIO
Our Investment Edge
“For 16 straight years, Kore remains the largest “core” investment in our institutional portfolio. The reason is simple: year after year, Kore continues to deliver strong, uncorrelated, risk-adjusted returns. We owe our long-term stable return profile to Kore; they are our benchmark for fiduciary excellence.”
— Jason Regan, Partner & Co-Founder
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Positive returns every year except one (2008)
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Partner capital invested alongside Kore clients
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95% client retention rate since inception
WHY THIS:
Capital Preservation
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Investors want access to asymmetric niche opportunities in credit and fixed income
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Mispriced structured securities and credit default curves: Kore thrives in this environment
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Capital preservation
WHY NOW:
Asymmetric Positive Returns
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Alignment of interest: Co-Founders are the two largest investors alongside investor capital
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Institutional quality infrastructure: Kore checks all the fiduciary boxes
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Proprietary tools built in-house: an unreplicable, repeatable, scalable investment process
WHY KORE:
Proven Results/Trusted Team/Unwavering Investment Approach
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.
Current Available Job Opportunities
Giving Back
"Only a life lived in the service of others is a life worth living.”
—Albert Einstein
Every year, Kore Capital supports the Navy SEAL Foundation.
Since Sept 2001, the Navy SEALs and their families have been in sustained combat operations, sacrificing so much for all of us and our freedoms.
Please join us and support these elite American warriors and their families. Information about the Foundation and the NYC Benefit on May 25th, 2021 can be found at
Harbourton Foundation supports those who inspire change. Committed to dignity and opportunity for all, we envision a peaceful, just, and sustainable world.
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