| WELCOME TO TURNBERRY CAPITAL MANAGEMENT, L.P. |
Turnberry's objective is to achieve high absolute returns by investing in, principally, debt securities of companies that have liquidity problems due to loss of capital markets access. The best opportunities arise after a cataclysmic event in the capital markets or a specific industry. Turnberry's strength is identifying companies suffering liquidity problems, but that have the assets, cash flows and motivated managements which allow them to execute transactions ( renegotiation of debt, securities exchanges, asset sales or equity infusions) to solve liquidity problems. Turnberry's portfolio is diversified across 25-40 positions with an individual issuer limit of 15% and an industry limit of 20% of assets. Cash pay debt securities represent 50-80 % of the portfolio, defaulted debt securities 5-25%, and equity 0-20%.
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