Audley Capital, the London-based activist event firm founded by Julian Treger and Michael Treichl, has made spectacular gains in its flagship event-driven fund this year thanks to a hugely profitable position in Canadian mining company Western Coal.
Julian Treger and Lucio Genovese
The Audley European Opportunities Fund’s US dollar share class is up 38.57% this year to the end of October as a result of big gains in the last two months – with the fund being up 29.42% in September and 10.91% in October.
But November looks like being better still, with the fund up almost 80% for the year to date (as of late November) as a result of the Western Coal bonanza.
Western Coal – in which Audley holds a 23% stake and which was the subject of a $3.25 billion takeover offer from US-based Walter Energy last week – is currently a...