Beryl Capital is a strategy run by David Witkin that has typically invested in merger arbitrage opportunities. This strategy has delivered investors net returns over 20% p.a. since inception in June 2011 to March 2021.

However, David joins the podcast again to discuss the strategies transition towards also investing in SPACS – Special-Purpose Acquisition Companies. He touches on what a SPAC is, the structure of the deals, the potential risks and the potential upsides.

David is a 2001 graduate of Harvard University magna c*m laude in Economics, whose senior thesis was about merger arbitrage. His merger arbitrage career started in 1998 when he left college for one year to work on the arbitrage desk at Bear Stearns & Co., Inc. Mr. Witkin worked as a merger arbitrage analyst at Bear Stearns, Mason Capital Management, Citigroup Alternative Investments and Hayground Cove Asset Management before managing his own money in 2009 and his first outside capital in 2011.

Following on from their discussion late last year (2020), fellow Koda Partner Frank Macindoe joins David in another episode of Inside the Rope to provide an update on the recent performance of the Koda Enduring Equities Portfolio (KEEP), along with his outlook on markets, specific sectors and the ongoing discussion regarding value vs growth.

Frank and David touch on the trends that helped provide this return, as well as how Frank is thinking about markets at the moment. Frank and David also delve deeper into the investment thesis behind infrastructure assets such as airports, as well as the implications of COVID and their broader outlook going forward.

Over the twelve months to 31 March 2021, the Koda Enduring Equities Portfolio is up 59.76% compared to the ASX200’s return of 37.47%. Over 3 years, the reference portfolio has returned 18.58% p.a. compared to the ASX200’s return of 9.64% p.a.