GLAZER CAPITAL, LLC

Glazer Capital, LLC is a New York–based hedge fund manager and SEC-registered investment advisor specializing in event-driven equity strategies, with a core focus on merger arbitrage and SPAC-related arbitrage. The firm operates out of New York, NY and files public equity holdings reports with the SEC under CIK #0001076809. Founded in the late 1990s by Paul J. Glazer, the firm has built its identity around exploiting pricing inefficiencies created by corporate actions—principally mergers, acquisitions, tender offers, and special purpose acquisition company (SPAC) structures. Paul J. Glazer serves as Founder and Managing Member, and is widely recognized as the key investment decision-maker and architect of the firm’s event-driven approach. Glazer Capital advises private funds and institutional accounts, structuring portfolios designed to monetize deal spreads while managing downside risk associated with transaction failure and changing financing conditions. While the firm’s strategies are global in opportunity set, its 13F-reportable exposures are predominantly U.S.-listed equities and SPACs. The firm is required to file Form 13F because it exercises investment discretion over U.S. equity securities above the SEC’s reporting threshold. These filings provide a periodic snapshot of the long equity book, including positions in announced M&A targets and a broad array of SPACs at various stages of their lifecycle. Over time, this 13F History can be used to reconstruct the firm’s observable 13F Portfolio Composition, aiding allocators in understanding how the strategy has been expressed in public markets, while recognizing that shorts and derivatives are not disclosed.

Glazer Capital’s core mandate is event-driven, with primary emphasis on merger arbitrage and SPAC arbitrage. The investment process seeks to generate attractive, risk-controlled spreads by taking positions in securities affected by discrete corporate events rather than by making directional macro or sector bets. In classic merger arbitrage, the firm typically goes long the target company in announced deals and, where applicable, may hedge by shorting the acquirer in stock-for-stock or mixed consideration transactions. Research focuses on deal terms, regulatory and antitrust risk, financing conditions, shareholder approvals, and competing bid dynamics. The objective is to capture the spread between the market price of the target and the value implied by the deal consideration, adjusted for estimated probabilities and timelines. SPAC arbitrage has become a significant pillar of Glazer Capital’s approach. The firm participates across the SPAC lifecycle, including pre-deal SPACs trading near trust value, post-deal-announcement spreads, and situations around shareholder votes and redemptions. Emphasis is placed on the contractual protections embedded in SPAC structures (such as trust accounts backed by short-term U.S. government securities) and on scenario analysis of outcomes—deal consummation, liquidation, or redemption—seeking asymmetric payoff profiles with limited downside to trust value in many cases. Portfolio construction is highly diversified across many individual events at any given time. Rather than concentrating capital in a handful of large convictions, Glazer Capital typically runs a broad book of deal-specific positions whose idiosyncratic risks are intended to diversify one another. Position sizing reflects deal quality, liquidity, regulatory complexity, and correlation to other events in the book. Holding periods are directly tied to event timelines—often measured in months—but the cumulative effect of constant deal flow and SPAC turnover leads to a high turnover profile at the portfolio level. The firm’s 13F filings are consistent with this mandate, historically showing numerous positions in announced M&A targets and a large roster of SPAC-related common shares and units. While the disclosed long positions may make the portfolio appear sector-neutral or opportunistically tilted, underlying exposure is driven by the opportunity set in corporate actions rather than by top-down thematic views. Allocators using a Portfolio Simulator or Backtesting Service can use the reported 13F Portfolio Composition to approximate how this event-driven style has been expressed over time, subject to the important caveat that short hedges and derivatives are not visible in 13F data.

Glazer Capital, LLC represents a focused event-driven platform built around merger arbitrage and SPAC arbitrage, with portfolios constructed as diversified collections of idiosyncratic corporate actions rather than broad market or sector bets. The long equity disclosures under CIK #0001076809 show a persistent orientation toward announced M&A targets and SPAC structures, consistent with the firm’s stated expertise. Using the firm’s 13F History, allocators can reconstruct an indicative Historical Track Record of the disclosed long book via a Portfolio Simulator and related Performance Backtests Online. While this reconstruction omits shorts, options, and other hedges, it can still provide useful insight into capital trajectory, dispersion of outcomes across market regimes, and the stability of risk-adjusted outcomes. Metrics such as an estimated Sharpe Ratio and modeled drawdown statistics can help frame how the observable book has historically traded through different environments, including periods of elevated merger scrutiny or sharp shifts in SPAC sentiment. Because 13F data exclude material components of Glazer Capital’s risk management—most notably hedging—any analytics derived from these filings should be treated as a partial lens rather than a complete representation of the strategy. Differences between the reconstructed and actual portfolio may be most pronounced around complex stock-for-stock deals or structured SPAC exposures where derivatives play a larger role. Overall, the evidence from public filings portrays Glazer Capital as a specialist in monetizing corporate-event spreads with a granular, high-turnover book and a focus on downside analysis around transaction risk. For allocators evaluating the strategy, a central question is how the firm’s event-driven process and portfolio construction respond to evolving regimes in antitrust enforcement, SPAC regulation, and interest-rate levels, and whether the historical pattern of risk and reward implied by its 13F disclosures is likely to remain robust across future market environments.

Glazer Capital’s risk profile is characteristic of a specialized event-driven arbitrage manager: the primary exposure is to deal-spread risk, SPAC structure risk, and financing/market liquidity conditions, rather than to broad equity market direction. The firm seeks to construct a portfolio with relatively muted beta to major equity indices, though the gross long exposure visible in 13F filings will not show internal hedges. Key risks include deal breakage in merger arbitrage (where regulatory, financing, or shareholder obstacles cause announced transactions to fail) and adverse regulatory or market shifts affecting SPACs (such as changing SEC guidance, shifting investor appetite, or structural changes to SPAC terms). In these scenarios, spreads can widen significantly, and positions that previously appeared low-volatility can reprice abruptly. From a portfolio-level perspective, capital behavior is often characterized by relatively stable day-to-day moves punctuated by occasional episodes of stress when multiple deals or SPAC structures are repriced simultaneously—typically around macro shocks, liquidity events, or shifts in antitrust enforcement. When reconstructed from 13F data, such episodes would be reflected in the estimated Max Drawdown Depth, illuminating the severity of historical stress periods even though internal short positions and hedges are not captured. Concentration risk is mitigated in part by the strategy’s inherently granular deal book: 13F snapshots typically show exposures distributed across a large number of positions, with individual names usually representing a modest percentage of long equity value. However, correlations can rise sharply in certain environments—such as broad risk-off events or regime changes in SPAC regulation—leading to clustering of losses despite name-level diversification. Interest-rate and funding conditions are also relevant risk drivers. For SPAC arbitrage, the yield on trust assets and the opportunity cost of capital influence the attractiveness of spreads. For merger arbitrage, the availability and cost of leverage, securities lending conditions, and the ability to maintain short positions in acquirers all affect realized outcomes. Any 13F-based risk analysis must therefore be interpreted as an approximation of directional exposure, not a complete picture of the firm’s hedged net risk.