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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, LVS Advisory - Event Driven. This analysis is provided for institutional research purposes only and is not investment advice.
"LVS Advisory targets event-driven special situations and undervalued compounders. Vistance Networks, a distressed telecom roll-up, offers $24-28 in value from a $13.52 entry through asset sales and special dividends, with remaining business likely to be sold."
LVS Advisory's Event-Driven strategy delivered 4.6% net returns in H1 2026, focusing on special situations with near-term catalysts. The flagship position is Vistance Networks, a distressed telecom infrastructure roll-up that nearly bankrupted itself with $10.5 billion in debt. Following asset sales to Amphenol ($10.5B) and the Ruckus divestiture ($1.8B), Vistance paid down all debt and distributed $10 per share in special dividends. The manager entered at $13.52 and sees $24-28 in total value including future dividends, with the remaining business trading at 4.4x free cash flow and a high likelihood of sale. The Growth portfolio made its first Japan investment in Hikari Tsushin, a Berkshire-style conglomerate with exceptional capital allocation (17% equity CAGR over 15 years). Hikari maintains strict 30% IRR investment hurdles and trades at just 2.0x earnings for its operating businesses after backing out net cash and investments. A recent 15% drawdown creates a buying opportunity. The manager believes all strategies are well positioned for strong forward performance despite Growth underperformance year-to-date.
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