Michael Patrick Lambert

TCM is an alternative investment manager following an opportunistic growth-and-value investment approach. The firm seeks to achieve non-correlated absolute returns in emerging markets through the exploitation of special situation opportunities worldwide. They invest in fixed income and equity with a long bias, targeting improving credit situations and well as short opportunities in deteriorating credit situations. The firm's investment process combines top-down and bottom-up approaches and starts with the development of an in-house macro picture to identify improving and deteriorating economic situations and assess whether the political framework supports or hinders economic growth. Fixed-income investments follow a medium-term credit directional strategy and include government debt issued by 'pariah' countries such as North Korea and Iraq. Equity investments focus on sectors selected according to macro dynamics. Within these sectors, TCM then conducts fundamental analysis at the company level. Investment themes include deep value in sectors such as natural resources or banking, under-researched situations with low foreign ownership, event-driven special situations, lifting of sanctions, markets in crisis and untendered debt leading to sovereign and corporate restructurings. TCM's portfolios are leveraged, hedged and diversified across regions, countries and strategies. Stop-losses are defined for each position. The firm conducts portfolio correlation analysis by country relatively to the overall market. Non-core functions are outsourced.