Ironsides Partners' IOF Master is a global event-driven fund focused on closed-end funds and holding companies trading at discounts or premiums to net asset value. The funds also invests opportunistically in operating companies when a material mispricing from readily ascertainable asset value is available. The fund's overall objective is to generate absolute returns while minimizing downside risk and benefitting from a margin of safety. The IOF Funds may also invest opportunistically in companies in financial distress, sell certain securities short for hedging purposes as well as to exploit prices at a premium to intrinsicvalue, and use varying degrees of leverage, or none at all, in order to seek to enhance returns through margin and other debt. Ironsides may also take an activist role with respect to certain investments in the IOF Funds portfolio.The ISS Master, ISS Master II and the Managed Account primarily invest in publicly traded closed end vehicles and holding companies that Ironsides believes are trading at significant discounts to their intrinsic values, but where realizing that value may take one or more years. Occasionally, the ISS Master and ISS Master II may take an activist approach to certain positions to seek to either increase returns or reduce risk. As such, the ISS Funds may purchase a large enough position in a closed end fund or other issuer to have some influence, friendly or unfriendly, on the management and/or governing board of the issuer.The investment objective of the Ironsides P Fund LP is to provide attractive risk adjusted returns by investing primarily in publicly traded closed-end fund vehicles and other securities that are trading at material discounts to the net asset value of such security or to Ironsides’ estimate of intrinsic value. Ironsides focuses in particular on opportunities they believe would benefit from active engagement with company management and opportunities that have a high likelihood of undergoing a restructuring or asset conversion, with the objective of narrowing or eliminating the discount to NAV.
