To truly understand Polygon’s strategies, you have to consider our motivation. We believe we are in the business of maximizing investment returns, rather than building AUM. Our focus is concentrated on structural alpha, the bedrock of opportunity on which strategy is built. That is our primary consideration and everything follows from there.
We seek to build investment vehicles that leverage our specific areas of expertise and track records. We are focused on investing in areas where there is the opportunity for enduring alpha generation, and on working with groups and individuals that have demonstrated their ability over different business cycles. Our strategies do not compete with one another. While all our strategies are targeted, our investment teams collaborate when appropriate, participate in firmwide risk discussions, and share an infrastructure platform. This approach allows each team to focus on its opportunities while having the benefit of other market perspectives.
For each strategy, Polygon seeks to ensure compatibility of the underlying assets and strategy terms (e.g. liquidity and capacity) and alignment of our investors’ interests with our own. Our approach is to maximize investment returns as opposed to assets under management.