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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 22, 2026
RLH SPAC Fund, LP generated a net return of 0.6% for the third quarter of 2026, bringing year-to-date performance to 8.1% net of fees. The strategy demonstrated steady preservation relative to volatile broader equity and credit markets, during which the Russell 2000 declined 7.2% and the U.S. Aggregate Bond Index fell 3.5%. Portfolio construction retained a diversified, conservative posture across approximately 77 SPAC arbitrage positions, with selective allocations including warrant and rights exposure at roughly 2% of Fund net asset value, proprietary structured SPAC investments representing approximately 2%, and founder share positions across 10 SPACs. The investment environment was shaped by persistent supply-demand friction in the SPAC asset class, where heavy issuance earlier in the year outpaced capital returned from liquidations and completed mergers. This dynamic widened market-implied yields, exerting mark-to-market pressure on existing holdings while significantly lifting reinvestment yields. Concurrently, the Federal Reserve instituted a 25 basis point rate hike in September 2026; while higher benchmark borrowing rates compressed financed spreads immediately, underlying SPAC trust yields are steadily resetting higher as money market vehicles and short-duration Treasury allocations reprice to prevailing rates. Portfolio activity prioritized shorter-duration paper and announced business combinations where shares trade at discounts to anticipated liquidation or redemption trust values. By targeting high-yielding announced transactions independently of post-closing equity performance, the manager seeks unlevered yields to close while maintaining pure contractual downside protection. Management deployed no new non-redemption agreements during the period and initiated capital-raising efforts for a successor special purpose vehicle to expand proprietary structured opportunities.
RLH Capital pursues a disciplined SPAC arbitrage strategy focused on shorter-duration positions with contractual yields to redemption and downside protection backed by trust cash, capturing attractive risk-adjusted spreads independent of post-merger equity performance.
The fund anticipates that continued moderation in new SPAC issuance combined with healthy transaction completions will support secondary pricing, while higher prevailing yields provide strong prospective returns independent of broader equity market momentum.
Neutral / Balanced
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