Pine River Capital Management LP
Last Updated: 12/3/2020
Pine River Capital Management LP is a Limited Partnership that started in 2002 and is primarily owned and controlled by Brian Taylor.
Pine River Capital Management is a global alternative investment firm focused on relative value trading. We provide investment solutions to qualified clients through commingled hedge funds, separate accounts, and listed investment vehicles.
Pine River Capital Management LP operates out of an office in Minnetonka, MN. Based on the Form ADV filed on 2020-06-30 00:00:00, the investment firm is comprised of 172 employees, only 21 of whom performs investment advisory functions.
Fact Sheet
- Name: Pine River Capital Management LP
- CRD No: 133720
- Filing Recorded: 2020-06-30 00:00:00
- Year of Origin: 2002
- Employees: 172
- Clients: 10
- AUM: 40,920,001,362
- Management Fee: .5 to 2 Percent
- Performance Fee: 0 to 20 Percent
- Client Type: Pooled Investment Vehicles
- Assets Traded: U.S. Government/Agency Bonds, Derivatives, Securities Issued by Registered Investment Companies or Business Development Companies, Cash and Cash Equivalents, Other
Contact
- Website: https://pinerivercapital.com/
- Email: [email protected]
- Telephone: 612-238-3300
- Address: 601 Carlson Parkway 7th Floor, Minnetonka, MN 55305
Investment Strategy
According to the brochure submitted to IAPD, Pine Rivers investment strategy is as follows:
Investment Strategy and Objective of Pine River Municipal Master Fund Ltd.
Pine River Municipal Master Fund Ltd., Pine River Municipal Fund Series, a Series of Pine River Precision Fund LLC and Pine River Precision Fund SPC for the account of Pine River Municipal Fund S.P. (the “Municipal Funds”) pursue a relative value, absolute return strategy and seek to generate superior risk-adjusted returns by identifying and capturing opportunities within the United States municipal bond market and related markets, which the Pine River views as fragmented, inefficient and retail dominated. The Municipal Funds intend to focus on what Pine River perceives to be diversified, high quality bonds.
Investment Strategy and Objective of Pine River Relative Value Rates Master Fund Ltd.
The primary strategy of Pine River Relative Value Rates Master Fund Ltd., Pine River Relative Value Rates Fund Ltd. and Pine River Relative Value Rates Fund L.P. (the “Relative Value Rates Funds”) is to trade and invest in global sovereign bonds and related securities that Pine River believes are undervalued or mis-priced relative to similar securities. In addition, the Relative Value Rates Funds may engage in other investing and trading strategies pertaining to the global sovereign bond markets that are consistent with its investment objective. Substantially all of the Relative Value Rates Funds’ investments are expected to be in publicly-traded or other relatively liquid securities.
Methods of Analysis
In addition, Pine Rivers methods of analysis include:
Pine River uses a dynamic hedging strategy that seeks to hedge the Master Fund’s investments against movements in interest rates. The hedging strategy uses a variety of instruments including U.S. Treasury bonds, U.S. Treasury futures, Libor swaps and swaptions, Municipal Market Data Rate Locks, municipal bond exchange traded fund shorts and options, and other viable rate or credit hedges. No hedging strategy can guard against all risks, or eliminate entirely the risks it seeks to limit and there can be no assurance that Pine River will identify all risks that can or should be hedged, or that it will successfully hedge against the risks it does identify. &&& The Relative Value Rates Funds employ strategies that seek to be profitable regardless of whether broader market indices rise or fall. From time to time, however, the Relative Value Rates Funds may also take positions in financial instruments that may be correlated to the broader markets when such positions are thought to be complementary to or are reasonably viewed as hedges to the Relative Value Rates Funds’ core strategies &&& The Relative Value Rates Funds seek to enhance risk-based financial returns through the use of high leverage for many of their investment positions, and intend to maintain a significant portion of their assets in cash and other liquid securities in order to support the leverage of their investment positions. Pine River may use hedging techniques to reduce certain risks associated with the Relative Value Rates Funds’ investment strategies. No hedging strategy can guard against all risks, or eliminate entirely the risks it seeks to limit and there can be no assurance that Pine River will identify all risks that can or should be hedged, or that it will successfully hedge against the risks it does identify. The Relative Value Rates Funds expect to invest and trade in a wide variety of financial instruments in pursuit of their objective, focusing primarily on global sovereign bonds and related securities and derivatives. In addition, from time to time the Relative Value Rates Funds may invest a portion of the Relative Value Rates Funds’ assets in other financial instruments that Pine River believes are attractive and complementary to the Relative Value Rates Funds’ core strategy. These may be only indirectly related to the core strategy, and may include asset-backed securities, convertible bonds, preferred securities, common stock and warrants.
Top 10 Holdings from Form 13F
Reporting Period: 09/30/2018
| Issuer | Share | Value(1000s) | Put/Call |
|---|---|---|---|
| SPDR S&P 500 ETF TRUST | 106,000 | 30,816 | Put |
| AMYRIS INC | 2,125,000 | 2,124 |
Historical 13F Filings
EdgeGiant has compiled all 13F filings since Q2 2013 for your convenience. You can view historical portfolio position forPine River Capital Management LPin our 13F section HERE.
To get the comprehensive list of holdings that fall under 13F regulatory guidelines, check out our write up on how to access and use 13Fs in your personal investment decisions.