Empyrean Capital Partners LP disclosed in a filing on December 31, 2018 that it increased its stake in Twenty-First Century Fox, Inc.

Mar 03, 2019
Institutional Holdings Changes
Background Information
Empyrean Capital Partners s, employs a fundamentally-oriented, multi-disciplinary, event-oriented investment approach. The firm believes that to fully exploit current event-oriented market opportunities requires an integrated combination of credit, equity and volatility expertise. Empyrean seeks capital appreciation and current income through the purchase and sale of debt, equity, options and derivative instruments where inefficiencies and mispricings create opportunities to earn attractive risk-adjusted returns. They seek to invest in situations where there is the potential for significant returns through either capital appreciation or ongoing income, and where identifiable catalysts exist which can unlock value and close the gap between market value and intrinsic value. Empyrean seeks to (i) purchase securities and other financial instruments for clients at prices they believe represent discounts to intrinsic value, or (ii) sell short securities they believe trade at a premium to intrinsic value.Empyrean seeks to limit downside exposure through the purchase of securities or instruments at discounts to intrinsic value or otherwise limit risk through favorable structural, contractual, collateral or valuation characteristics. Generally, the firm seeks to reduce market exposure through a variety of credit, equity and volatility hedging strategies. Empyrean may sell securities short, purchase puts and calls, write uncovered puts and calls, purchase options on stock indices and bond indices and utilize other derivative instruments, including CDS, futures, forward contracts and swaps. They may also use repurchase agreements, and certain strategies may include investments in vehicles managed by independent portfolio managers.Empyrean generally invests, both long and short, in a variety of public and private primary and secondary market securities, instruments and obligations. Instruments may include, but aren't limited to, trade claims, revolving and term loan credit facilities, public and private debt obligations, public and private convertible debt and convertible preferred stock, public and private common stock and other types of equity interests, futures, options, warrants and derivative instruments.