Tell me about the Fund’s mandate, is Schooner strictly a buy-write fund, is it a convertible-only fund, a bit of both, or more?
At Schooner, we are trying to take advantage of market structure, and market volatility anomalies in order to change the risk reward profiles of pure stock portfolios by making them better fit what a rational investor’s risk profile might be. As a firm, I think it is fair to say that we do not have a lot of dogma. Instead, we look at market environments and recognize that we have enough tools in the toolbox to say, “This is what the rational investor should be doing right now”, whether it’s buy-writes, convertibles, pure long stock, etc. There are plenty of funds that are pure buy-write funds, so in their case, regardless of the situation, buy-writes are all they do. There are funds that are pure convertibles, and again, convertibles are all they do. Depending on market situations there are times that we are going to look like these funds, but not if the market dictates something else. We believe that there are periods when one approach makes more sense than the other, and firms that a
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