The firm
An independent manager built on 17 years of investing through market stress.
Numen Capital LLP is an independent, London-based investment manager, founded in 2008, investing across global credit, equity and macro for professional and institutional investors.
2008
Founded
>15%
Average annual return of flagship fund
17+
Years managing the strategy
Investment expertise
Our team brings decades of experience from leading credit, distressed and equity desks, and has invested together through the global financial crisis, the European sovereign crisis and the pandemic. We specialise in stressed and distressed situations, restructurings, sovereign credit and event-driven opportunities across the capital structure.
Strategy philosophy
We are opportunistic rather than static, and unconstrained by benchmark. Ideas are built on bottom-up fundamental analysis and tested against our macro and thematic views. We only take a position when we can define its catalysts and the scenarios in which it succeeds or fails.
Risk management
Risk is monitored at position, theme and portfolio level. Positions are sized at inception according to portfolio construction while P&L and event triggers prompt a review whenever a trade departs from its expected path. We also review past decisions regularly to identify and correct behavioural biases.
Operational infrastructure
Cash and positions are reconciled daily with our administrator, prime brokers and custodians. Portfolio valuation is performed independently by the fund administrator under the oversight of a valuation committee, with no NAV errors or restatements to date.
Responsible investment
We consider governance and sustainability factors within our fundamental analysis where they are material to an investment's risk and return.
Our strategies
Credit
We take long and short positions across the capital structure of corporates and financial institutions, from senior debt to subordinated and hybrid instruments. Our focus is stressed and distressed situations, where detailed fundamental and legal analysis can uncover value the wider market has missed.
Macro and sovereign
We invest in sovereign credit, emerging markets and relative value across government bonds and currencies. We look for mispricing created by policy shifts, political change and geopolitical events, and we analyse each issuer's fundamentals, legal framework and market technicals.
Catalysts driven
We invest around corporate events such as mergers, restructurings, recapitalisations and legal proceedings. Each position is built around a defined set of catalysts, with scenarios for how the event might unfold and what each outcome means for value.
Thematic
We build long and short equity positions around major technological and geopolitical themes, such as energy security, defence and the AI infrastructure build-out. We look for companies on the right or wrong side of disruptive change, where consensus is likely to be wrong and the range of outcomes is mispriced. We express these themes through equities and convertibles.