Willem Oldewage

I am a full time trader and analyst at Nitrogen Fund Managers. My primary role is to conduct fundamental as well as technical analysis and trading activities. Specific trade types I analyze include but are not limited to: 1) Cash Merger arbitrage, these are generally management or corporate buy-outs. The analysis consists of comparing the fully factored IRR to our riskless rate and thereafter actively engaging with all stakeholders, participating in votes as a proxy and executing the trades given an acceptable risk return payoff to the portfolio. 2) Merger Arbitrage, the analysis of merger arbitrage is similar to cash merger arbitrage with the difference being the arbitrage is locked in as a short sell of the security received in exchange for the security held. 3) Equity Pairs, these are generally inter-sector pairs based on the sectors I cover on a fundamental basis. My career started in the diversified mining sector with typical trades consisting of a basket of single commodity miners vs a diversified miner with the same underlying exposure. My coverage expanded to include South African telecoms providers as well as clothing and food retailers based in South Africa. 4) Longs & Shorts, I have initiated and executed on various long and short positions in the sectors I cover (based on fundamental models of the companies which I constructed for my employer). 5) Corporate Structure Arbitrage (Discount to NAV trades), these are models built to replicate holding company structures which can then be traded against the underlying portfolio. My secondary role is to provide operational support. This includes allocating trades between accounts and engaging with brokers and other service providers in order to optimize the business and the service we provide to our clients.