SPC

SPC actively invests in SPACs that haven't completed a shareholder-approved merger or business combination. While focused on US-listed SPACs, the fund could invest in foreign SPACs, including Canada, the Cayman Islands, Bermuda, and the Virgin Islands. SPACs should be trading at or below the SPAC's pro rata trust account value to be selected and will be disposed after the merger or business combination. The adviser uses quantitative and qualitative analyses in making investments. The quantitative analysis focuses on the current market price relative to a SPAC's underlying pro-rata trust account value and the yield to expected liquidation or redemption date. The qualitative analysis may include factors such as a sponsors' background and experience, target industry, and terms of transaction. SPC may also invest in securities offered in a SPAC IPO and may receive additional securities that may include founder shares and warrants that could have restrictions on resale.