Narrow asset classes constraining managers

‘Break chains' to benefit from volatility and illiquidity, says Advent

market volatility

The old adage “love everything, be attached to nothing” may appear to ring hollow in the complex universe of event driven capital structure arbitrage, but given due consideration, the axiom could have a profound effect on portfolio managers who choose to heed its simple wisdom.

When applied to the investment world, its lesson is both unassuming and incisive. A fund manager with no investment constraints, or a strong bias to one asset class, can fluidly move up and down the capital structure betwe