Mandrill Master Fund

Mandrill Capital Management was formed in 2009 to bring together the accumulated investment experience of Gaston and Matias Bullrich.Matias was a founding partner while Gaston was a partner of Arx Capital Management a global credit fund that grew from $40 mln to more than $1.5 bn in AUM. They were co-managers of a credit portfolio with asset exposure of more than $1 bn at CR Intrinsic Investors, a division of SAC and co-managers the Cheyne America's High Yield Fund.

Mandrill establishes an overall macroeconomic view based on current and projected macroeconomic trends.It then selects credit securities from global credit markets focusing on large issuers where the manager's research and expe-rience indicate that the security's probability of default is lower/higher than what markets are pricing. Equity securi-ties are selected by using proprietary screens that include technical and fundamental factors that have shown histor-ical positive expected returns.