Man Investment Partners (US) LP

Bardin Hill Investment Partners LP is a New York–based alternative investment manager specializing in credit, distressed, and event-driven strategies. The firm traces its roots to Halcyon Capital Management, a multi-decade credit and special-situations platform that rebranded as Bardin Hill Investment Partners in 2018. From its headquarters in New York, Bardin Hill manages hedge funds, UCITS products, structured vehicles, and bespoke mandates for institutional investors and select high net worth clients. Under the leadership of Chief Executive Officer and Chief Investment Officer Jason Dillow and Founder and Chairman John M. Bader, Bardin Hill focuses on opportunities across the corporate capital structure. The platform is known for investing in stressed and distressed debt, complex capital structures, restructurings, merger-related situations, and other special situations where fundamental credit work and event analysis can identify mispricings. Bardin Hill Investment Partners LP files Form 13F with the U.S. Securities and Exchange Commission under CIK #0001633312 as an institutional investment manager with discretionary authority over U.S.-listed securities. Its 13F filings provide a quarter-end snapshot of qualifying long positions in U.S. equities and certain equity-linked or convertible instruments, spanning the equity and event-driven components of its broader credit and special-situations activities. These reports exclude most credit instruments (loans, bonds not classified as 13(f) securities), short positions, derivatives, and non-U.S. securities, but they form the authoritative public record of Bardin Hill’s reportable U.S. equity-related exposures. On an allocator-focused 13F analytics platform, these filings are organized into a continuous 13F History, allowing users to review issuer-level exposures, sector representation, and position changes over time. The platform serves purely as a secondary analytical lens on the firm’s own regulatory disclosures.

Bardin Hill Investment Partners LP pursues a fundamentally driven, opportunistic strategy across credit and event-driven opportunities. The firm seeks to exploit inefficiencies created by balance sheet complexity, legal and structural nuances, capital dislocations, and corporate events. Core strategy sleeves include: - Stressed and distressed corporate credit, often around restructurings and reorganizations. - Special situations across the capital structure, including rescue financings, exchange offers, and litigation- or regulatory-driven opportunities. - Event-driven trades, including merger-related situations, capital structure arbitrage, and select equity-linked opportunities. - Structured credit and asset-backed opportunities where cash flows and legal structures are complex and under-researched. The investment process is bottom-up and research-intensive. Sector-focused teams and credit analysts evaluate issuers’ business models, cash-flow durability, asset coverage, covenant packages, and legal protections, as well as the incentives and constraints of different stakeholders (management, sponsors, banks, bondholders). Event-driven trades layer in deal and legal analysis, regulatory assessments, and scenario work around alternative outcomes. Within the scope of Form 13F, this broad strategy typically appears as: - Long positions in common stock and preferred shares of companies undergoing corporate events, restructurings, or capital structure transitions. - Equity or equity-linked holdings acquired in conjunction with credit investments (e.g., post-reorganization equity from distressed situations, or equity components of structured financings). - Positions in merger targets and other event names that form part of Bardin Hill’s multi-strategy event-driven activity. The 13F book is usually more concentrated than a long-only benchmark portfolio, reflecting high-conviction positions tied to specific credit or event theses. Turnover can be moderate, driven by deal closures, restructurings, recapitalizations, and changes in issuer fundamentals, rather than by systematic rebalancing around an index. On a 13F analytics platform, allocators can dissect Bardin Hill’s disclosed holdings through 13F Portfolio Composition views, segmenting the observable book by sector, capitalization, and security type. A Portfolio Simulator can chain the firm’s quarter-end filings into a long-only historical replication of the U.S. equity and equity-linked sleeve, forming the basis for an examined Historical Track Record that reflects the capital trajectory of the disclosed positions, normalized to a user-defined starting notional.

Bardin Hill Investment Partners LP, reporting under CIK #0001633312, is a credit- and event-driven hedge fund platform whose 13F filings offer a focused window into the equity and equity-linked aspects of its strategy. The disclosures typically reveal a concentrated set of positions in companies undergoing capital-structure change, restructurings, or corporate events, consistent with the firm’s long-standing reputation in special situations and complex credit. Within an allocator-grade 13F analytics framework, Bardin Hill’s filing history can be used to: - Track the evolution of its 13F Portfolio Composition by sector, issuer, and security type, illuminating how the firm deploys equity and equity-linked capital around credit and event themes. - Rebuild a filing-based capital path for the disclosed U.S. sleeve and examine its derived Historical Track Record, normalized to a chosen starting capital, using a Portfolio Simulator that treats the 13F data as the definitive position set. - Quantify downside and variability characteristics—such as historical Volatility Profile parameters and Max Drawdown Depth—and estimate indicative efficiency metrics like a reconstructed Sharpe Ratio, via a Backtesting Service or Performance Backtests Online that operate strictly on the firm’s 13F History. Because all of these analyses are anchored in Bardin Hill Investment Partners LP’s own SEC submissions, they provide a transparent but partial lens on the manager’s broader multi-strategy credit and event-driven activity. The key forward-looking question for allocators is how this concentrated, event-centric U.S. equity sleeve—visible in its 13F record—might behave under future regimes of changing default cycles, regulatory approaches to M&A and restructurings, and shifts in liquidity conditions, compared with the historical environment embedded in its disclosed capital trajectory.

The risk profile of Bardin Hill Investment Partners LP, as seen through its 13F disclosures, reflects its identity as a credit- and event-driven hedge fund manager rather than a traditional long-only equity house. Key structural risk dimensions include: - Event and idiosyncratic risk: Many positions are tied to specific corporate events—restructurings, mergers, refinancings, or legal outcomes. Success or failure of these events can drive substantial price moves independent of the broad market. - Credit and capital-structure risk: Even where the 13F position is in equity or preferred stock, the underlying thesis often hinges on credit fundamentals and capital-structure dynamics. Deterioration in credit quality, unexpected capital needs, or adverse changes in the priority of claims can materially affect equity valuations. - Concentration risk: The 13F book typically contains a finite number of high-conviction positions, leading to elevated single-name and theme concentration relative to diversified long-only portfolios. - Market and liquidity risk: While many strategies aim to isolate idiosyncratic spreads, in practice stressed markets, credit shocks, or liquidity squeezes can widen spreads and pressure both equity and credit instruments simultaneously, impacting mark-to-market outcomes. Using the firm’s 13F History, allocators can construct a filing-based, long-only replication of Bardin Hill’s disclosed U.S. equity-related positions and examine empirical risk characteristics of that sleeve. This reconstructed series supports analysis of the portfolio’s Volatility Profile and estimation of peak-to-trough Max Drawdown Depth during past stress episodes—such as broad risk-off periods, credit sell-offs, or waves of deal breaks and restructuring setbacks. From the same replication, allocators can derive indicative risk-adjusted outcome measures, including an estimated Sharpe Ratio for the long-only U.S. equity component over different historical windows. These metrics describe only the behaviour of the reportable long book; they do not incorporate short positions, derivatives, non-U.S. holdings, loans and bonds outside the 13(f) universe, or intra-quarter risk management. As such, 13F-based analytics provide a directional but incomplete view of Bardin Hill’s total portfolio risk.