Linden Advisors is based out of New York. Linden Advisors is a hedge fund with 5 clients and discretionary assets under management (AUM) of $18,764,749,000 (Form ADV from 2024-09-03). Their last reported 13F filing for Q3 2024 included $11,882,269,406 in managed 13F securities
and a top 10 holdings concentration of 21.79%. Linden Advisors's largest holding is MICROSTRATEGY INC NOTE 2/1 with shares held of 233,419,000. Whalewisdom has at least 60 13F filings, and 1 13D filings
Business Description
Linden provides discretionary investment advisory services to a group of private investment funds within a master-feeder structure (the “Funds”) and to separately managed accounts (the “Accounts”). The Funds are open only to certain financially sophisticated and high net-worth individuals and entities. Linden was founded in May 2003 by four members of the JP Morgan U.S. Arbitrage Desk, JP Morgan’s proprietary trading group focused on convertible and credit arbitrage strategies. The Funds began trading operations in August 2004. Linden has employees with skill sets in areas ranging from, among others, trading, fundamental and legal research, quantitative analysis, and operations and systems.
Linden does not tailor its advisory services to the individual needs of investors in the Funds and does not accept investor-imposed investment restrictions. However, for the Accounts, the advisory services are tailored to the Account holder’s needs, and the details relating to such services are described in the Account Agreements. The strategies used for the Accounts, while similar to those used for the Funds, are also different in certain respects. The Accounts have imposed restrictions on investing in certain securities and types of securities. Linden may establish additional separately managed accounts or other investment vehicles in the future if it thinks it appropriate for a large or strategic investor. Linden does not participate in wrap fee programs. As of December 31, 2023, Linden had approximately $18,764,749,000 in regulatory assets under management, all of which is managed on a discretionary basis.
Investment Strategy
Linden primarily invests in convertible and credit strategies as part of a flexible multi-strategy investment approach. They aim to allocate resources among various strategies based on changing market opportunities and strive to construct a diversified portfolio. Linden may also allocate assets to other strategies if they believe it will produce superior risk-adjusted returns.
Linden's flexible, multi-strategy investment approach emphasizes inter-disciplinary cooperation and teamwork, aiming to deliver market neutrality, capital preservation, and positive risk-adjusted returns. The Funds maintain a diversified portfolio of over 200 individual names, spreading exposure across sectors, regions, maturities, and other criteria. The Funds aim to remain equity market neutral and interest rate neutral whenever feasible.
Owners
- LEVA, VINCENT, PAUL - CHIEF FINANCIAL OFFICER
- LINDEN HLD LLC - GENERAL PARTNER
- DELANEY, JAMES, THOMAS - CHIEF OPERATING OFFICER
- WONG, SIU MIN, (JOE) - CHIEF EXECUTIVE OFFICER, LIMITED PARTNER
- AHN, SAUL - GENERAL COUNSEL Click on the Ownership/Private Fund Data tab for more details.
Known Email Addresses
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Other Contact Information
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2024-09-30
Top Buys (13F)
| Name | % Change |
|---|---|
| DEBT-ADVA ADVANCED ENERGY INDS (PRN) | 1.22% |
| DEBT-MICR MICROSTRATEGY INC NO (PRN) | 1.15% |
| DEBT-CAMT CAMTEK LTD NOTE 12/0 (PRN) | 1.08% |
| DEBT-LI A LI AUTO INC NOTE 0.2 (PRN) | 1.03% |
| DEBT-WAYF WAYFAIR INC NOTE 3.5 (PRN) | 0.92% |
2024-09-30
Top Sells (13F)
| Name | % Change |
|---|---|
| DEBT-SEA SEA LTD NOTE 2.375%1 (PRN) | 2.58% |
| DEBT-SPOT SPOTIFY USA INC NOTE (PRN) | 2.4% |
| DEBT-CLOU CLOUDFLARE INC NOTE (PRN) | 1.7% |
| DEBT-CYBE CYBERARK SOFTWARE LT (PRN) | 0.85% |
| NEE+S Nextera Energy Inc | 0.82% |
2024-09-30
13F Holdings Summary
| Name | $ Change |
|---|---|
| DEBT-MICR MICROSTRATEGY INC NO(PRN) | 2.68% |
| DEBT-INSM INSMED INC NOTE 0.75(PRN) | 2.59% |
| DEBT-CONF CONFLUENT INC NOTE 1(PRN) | 2.41% |
| DEBT-LI A LI AUTO INC NOTE 0.2(PRN) | 2.22% |
| DEBT-UNIT UNITED STATES STL CO(PRN) | 2.13% |
2024-09-30
13F Activity
| Market Value | $11.9b, Prior: $12.0b |
| Inflows (Outflows) as % of Total MV | (-4.1013)% |
| New Purchases | 34 stocks |
| Added To | 67 stocks |
| Sold out of | 48 stocks |
| Reduced holdings in | 52 stocks |
| Top 10 Holdings % | 21.79% |
| Turnover %[1] | 25.23% |
| Turnover Alt %[2] | 21.3% |
| Time Held Top 20 | 2.35 quarters |
| Time Held Top 10 | 1.1 quarters |
| Time Held All | 6.84 quarters |
[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.
[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.
2024-09-30
13F Sector Allocation Over Time
limited to past 4 quarters. Subscribe to see all available data
2024-09-30
Analysis
Top 20 equal-weighted holdings. Performance numbers calculated through 2024-09-30