Who We Are

WE THRIVE ON IDEAS
  • We come to work every day seeking returns for our diversified base of investors.

  • We are a multi-billion dollar asset management firm operating in New York and London. With over 70 employees, we have been managing assets on behalf of outside investors since 2006.

    We target traditional and non-traditional sources of alpha by employing multiple absolute return strategies, utilizing rigorous fundamental analysis, and we seek to identify growth opportunities that are uncorrelated to each other and to market indices. We believe this scalable, repeatable investment process has enabled us to generate consistent, risk-adjusted returns through varying market conditions.

    We promote an integrated team culture emphasizing collaboration and cross-pollination of ideas across strategies. Our dedicated team seeks to achieve outstanding performance by recognizing market inefficiencies and undervalued investment opportunities while maintaining a focus on risk management and capital preservation.

  • Persistent profitability

    Persistent profitability has been the focus that has defined our approach since inception.

    Our investing philosophy has deep, personal roots. Hudson Bay Capital is the successor to Gerber Asset Management LLC, a proprietary investment firm established by Hudson Bay’s founder Sander Gerber, in 1997. Mr. Gerber began by trading his own funds and over time developed a defined and rigorous investment process – The “Deal Code” System. This discipline has been ingrained into the DNA of the firm and is what we believe to be a distinguishing characteristic of our investment philosophy.

    Our unwavering commitment to performance is a result of challenging ourselves, challenging each other, and most importantly, challenging conventional wisdom.

LEADERSHIP
  • Sander R. Gerber
    Managing Partner, Chief Executive Officer & Chief Investment Officer
    Sander Gerber is a Managing Partner and Hudson Bay's Chief Executive Officer and Chief Investment Officer. He also functions as a Portfolio Manager who opportunistically invests in special situations in addition to monitoring and hedging tail risks. Mr. Gerber has more than 25 years of investing experience in multiple securities classes and derivatives across a broad range of strategies.

    In 1991, he became a member of the American Stock Exchange, acting as an options market maker. In 1997, he founded Gerber Asset Management LLC (“GAM”) to develop and engage in proprietary investment strategies, many of which are utilized by Hudson Bay today. In 2005, assisted by key employees of GAM, Mr. Gerber founded Hudson Bay, which absorbed GAM’s business and 15 employees.


    Prior to becoming a member of the American Stock Exchange, Mr. Gerber was an Associate Consultant at Bain & Company, a leading strategic management consulting firm, where he assisted the senior management of multinational corporations to identify and implement corporate growth opportunities. Mr. Gerber graduated cum laude from the University of Pennsylvania, with a BSE in Finance from Wharton and a BA in Humanistic Philosophy from the College of Arts and Sciences.

    Mr. Gerber is a member of the Council on Foreign Relations and The Economic Club of New York as well as a fellow of the Jerusalem Center for Public Affairs. Mr. Gerber was formerly both the Vice Chair of the Board of Trustees and Chairman of the endowment investment committee of the Woodrow Wilson Center for Scholars, a public policy research center within the Smithsonian Institution.
  • Yoav Roth
    Managing Partner & Portfolio Manager
    Yoav Roth is a Managing Partner and Portfolio Manager at Hudson Bay, which he helped co-found in 2005. He began his career at UBS in 1999 as a Research Analyst on the convertibles desk, performing derivative modeling and credit analysis. In 2001, Mr. Roth joined GAM, the predecessor firm to Hudson Bay. Over his 17 years with the firms, he has invested in equities, fixed income securities, convertible securities, corporate debt instruments, warrants and other structured investments. He has developed investment strategies in direct investments, appraisal rights and other M&A transactions, SPACs, cross currency and other rates strategies, convertible securities, and special situations. Mr. Roth leads a team of people with expertise in events, credit, deep fundamental analysis and structuring and continues to develop additional absolute return strategies. Mr. Roth graduated cum laude from Union College with a BA in Economics.
  • Charles Winkler
    Managing Partner & Chief Operating Officer
    Charles Winkler is a Managing Partner and the Chief Operating Officer of Hudson Bay. As Chief Operating Officer, he is responsible for the management of all of Hudson Bay’s business functions, overseeing the firm’s administration, back office (accounting, operations and tax), compliance, human resources, investor relations/business development, legal, technology and treasury functions. Prior to joining Hudson Bay in 2007, Mr. Winkler was the Chief Operating Officer and a Senior Managing Director of Amaranth Group, Inc. from 2001 until 2006, where he was responsible for managing all aspects of that firm other than investments and risk management. From 1996 until 2001, Mr. Winkler was a Senior Managing Director and the Chief Operating Officer of Citadel Investment Group L.L.C. and was a member of Citadel’s Management Committee, the Chairman of its Operations Committee and a director of various Citadel entities. Prior to joining Citadel in 1996, he was a Partner at the Chicago law firm of Neal Gerber & Eisenberg, where he concentrated his practice on tax and corporate counseling to investment advisers and private investment firms. Mr. Winkler graduated with Highest Distinction from Emory University with a BBA in Accounting and he received a JD degree from Northwestern University School of Law where he was the Managing Editor of the Northwestern Journal of International Law and Business.
  • Roy Astrachan
    Managing Partner & Portfolio Manager
    Roy Astrachan is a Managing Partner and Portfolio Manager of Hudson Bay responsible for a convertible and capital structure arbitrage portfolio. Mr. Astrachan began his career at Goldman Sachs where he was a Financial Analyst in convertibles trading from 1997 to 1999. He left Goldman Sachs to join Camden Asset Management LP in Los Angeles where, for the next six years, he was a Portfolio Manager, and later Partner and Co-Chief Investment Officer. At Camden Asset Management LP, Mr. Astrachan had the sole responsibility for research, portfolio selection and trade execution for a portfolio that included capital structure arbitrage/credit, activist investing, legal/indenture investing, distressed investing and convertible arbitrage. Mr. Astrachan joined Hudson Bay in 2008. He holds an AB in Applied Mathematics from Harvard College where he graduated summa cum laude and was elected to Phi Beta Kappa.
  • George Antonopoulos
    Managing Partner & Portfolio Manager
    George Antonopoulos is a Managing Partner and Portfolio Manager at Hudson Bay, where he works on evaluating, structuring, trading, negotiating and executing direct investments. He invests in equities, fixed income securities, convertible securities, corporate debt instruments, warrants and other structured products. He has also assisted in developing investment strategies in appraisal rights and other M&A transactions, SPACs, and other special situations. Prior to joining Hudson Bay, Mr. Antonopoulos worked at Heights Capital Management, an arm of Susquehanna International Group that directly invested in small and mid-cap companies across all levels of the capital structure through convertibles, equity, preferred, warrants and/or options. Mr. Antonopoulos actively traded, assisted in managing risk, reviewed and modeled intricate features and optionality embedded within the groups investments. Prior to his role with Susquehanna, Mr. Antonopoulos was a Senior Trader for The Vanguard Group. Mr. Antonopoulos received his BS in Business Administration with a Major in Finance and a Concentration in Economics from the Haub School of Business of St. Joseph's University, Philadelphia, PA.
  • Juliette Cottrill
    Partner, Head of Investor Relations and Business Development
    Juliette Cottrill is a Partner and Managing Director of Investor Relations and Business Development at Hudson Bay. Prior to joining Hudson Bay in 2009, she worked with the founder of FrontPoint Partners in building a new investment management firm, Duff Capital Advisors, where she co-headed the Client Advisory Group. Before joining Duff Capital in October 2007, Ms. Cottrill was a Vice President at FrontPoint Partners from 2005 to 2007, specializing in a number of sector-specific long/short equity managers, as well as having prime responsibility for the Australian institutional market. Previously, Ms. Cottrill was a member of the Investor Relations team at Paloma Partners Management Company from 2002 to 2005 where she worked with the U.S. high net worth and institutional markets. She began her career in 1999 with Barclays Private Banking in London and New York, working on brand development and relationship management. Ms. Cottrill graduated from the University of Edinburgh, Scotland with an MA in Political Science.
  • Rebecca Benedict
    Partner, Consultant Relations, Investor Relations and Business Development
    Rebecca Benedict is a Partner and Director within the Investor Relations and Business Development group at Hudson Bay covering a wide range of investor groups globally including foundations, endowments, public and corporate pensions, sovereign wealth funds, family offices and fund of funds. She also has prime responsibility for Consultant Relations at Hudson Bay. Previously, Ms. Benedict was an analyst within the direct investments team at Hudson Bay. Ms. Benedict received her BA in History from Barnard College, Columbia University where she graduated summa cum laude and was elected to Phi Beta Kappa.
AWARDS
  • 2018
      • ABSOLUTE RETURN
        • Multi-Strategy, Nominee
        • New Fund of the Year, Hudson Bay Cap Structure Arbitrage
          Enhanced Fund, Nominee
      • HFM WEEK
        • Multi-Strategy over $1B, Highly Commended
        • Event driven over $1B, Nominee
  • 2017
      • ABSOLUTE RETURN
        • All Strategies (ex-Equity, 10 Years) over $1B, Nominee
        • Multi-Strategy over $500M, Nominee
      • HFM WEEK
        • Multi-Strategy under $1B, Nominee
        • Multi-Strategy over $1B, Nominee
  • 2016
      • HFM WEEK
        • Management Firm of the Year
  • 2015
      • HFM WEEK
        • Multi-Strategy under $1B, Nominee
        • Single manager long-term performance (5 years) over $1B, Nominee
  • 2014
      • HFM WEEK
        • Event driven over $1B, Nominee
  • 2013
      • HFM WEEK
        • Market neutral, Highly Commended
  • 2012
      • HFM WEEK
        • Multi-Strategy, Winner
        • Event driven, Nominee
      • INSTITUTIONAL INVESTOR
        • Multi-Strategy Hedge Fund of the Year, Nominee
  • 2010
      • INSTITUTIONAL INVESTOR
        • Multi-Strategy Hedge Fund Firm of the Year, Winner
  • 2009
      • ABSOLUTE RETURN
        • Multi-Strategy, Winner
© 2018 Hudson Bay Capital Management LP. All Rights Reserved.
Terms of Use
Hudson Bay’s operations are speculative and involve a high degree of risk. In reviewing the content of this website (the “Website”) you must keep in mind the speculative and unpredictable nature of the markets in which Hudson Bay trades and that its performance and experience to date may not be indicative, or even representative, of its future operations.

Past results are not necessarily indicative of future performance. Hudson Bay investors could lose all or substantially all of their investment at any given time and from time to time, with a corresponding materially adverse effect on Hudson Bay itself. The Website does not constitute an offer to sell or the solicitation of an offer to buy any of Hudson Bay’s advisory services or products. Any such offer or solicitation would be subject to material legal restrictions and requirements; the Website neither complies nor attempts to comply with any of these. The information contained in the Website does not purport to be complete or accurate and is qualified in its entirety by reference to the information set forth in the applicable operative documents for Hudson Bay advisory services and products, which contain descriptions of the material terms (including, but not limited to, risk factors, conflicts of interest and tax implications) relating to any such investment. No one may rely on any information in the Website for purposes of making any form of investment decision or commitment.

To the extent permitted by applicable law, neither Hudson Bay Capital Management LP, Hudson Bay Capital Associates LLC, nor their respective affiliates, officers, directors, employees, principals or agents (collectively, "Hudson Bay") will be liable to you or any other person for any errors or omissions in the production or content of the Website nor will they under any circumstances be liable to you or any other person for any loss or damage (whether direct, indirect, special, incidental, economic, or consequential, exemplary or punitive) arising from, connected with, or relating to the use of, or inability to use, the Website, or any action or decision made by you or any other person in reliance on the Website (which you agree not to take on the basis of any of the information set forth herein), any material misstatements or omissions in the information presented, or any unauthorized use or reproduction of the Website.

The Website may be updated at any time without notice to you, and any changes will be binding upon you if you continue to use the Website. By entering this Website, you acknowledge that all of the information contained herein shall be held in strict confidence by you.

The information, software and services published on this website may include inaccuracies or typographical errors. Due to various factors, including the inherent possibility of human and mechanical error, the accuracy, completeness, timeliness and correct sequencing of such information, software and services and the results obtained from their use are in no respects guaranteed by Hudson Bay or any persons creating or transmitting such information, software and services and none of the foregoing should be relied upon.
User Agreement

By accessing or using this Hudson Bay Capital Management LP and its affiliates (collectively, "Hudson Bay") website (the "Site"), you hereby accept and agree to comply with the terms and conditions set forth in this User Agreement. This User Agreement is a binding agreement between you and Hudson Bay, and governs your access and use of the Site, which includes any text, graphics, user interfaces, information, data, tools, products, services and other content (together, "Content") available on or through the Site. You may contact Hudson Bay by e-mail at IR@hudsonbaycapital.com with questions about the terms and conditions of this User Agreement.

PLEASE READ THIS USER AGREEMENT CAREFULLY BEFORE USING THE SITE. EACH TIME YOU USE THE SITE, YOUR USE INDICATES YOUR FULL ACCEPTANCE OF AND AGREEMENT TO ABIDE BY THIS USER AGREEMENT IN ITS THEN CURRENT FORM. IF YOU DO NOT ACCEPT THE TERMS AND CONDITIONS STATED IN THIS USER AGREEMENT, DO NOT USE THE SITE.

  1. Hudson Bay grants you a limited right to use the Site.
    • Your right to use the Site is subject to your agreement to abide by this User Agreement in its entirety, as well as any other rules, procedures, policies, terms or conditions that govern all or any portion of the Site.
    • At any time and for any reason we may revoke your right to use all or any portion of the Site.
    • You may not violate or attempt to violate the security of the Site..
  2. The Site is owned by Hudson Bay, its affiliates and/or third parties.
    • The Site is protected by one or more copyrights, patents, database rights, trademarks, service marks and/or other intellectual property and proprietary rights that are owned by Hudson Bay, its affiliates and/or third parties.
    • You may not decompose, decompile, reverse engineer, disassemble or otherwise deconstruct all or any portion of the Site.
    • You may not publish, broadcast, retransmit, reproduce, repackage, frame, commercially exploit, create any derivative of or otherwise redistribute all or any portion of the Site except as explicitly permitted in this User Agreement.
    • You may print copies of any accessible portion of the Site only for your own personal use. You may discuss information you learn from the Site with your financial, legal or tax advisors, and others with whom you share investment decisions.
    • You may not remove any copyright, trademark, or other proprietary notice or legend contained on (or printed from) the Site.
  3. You make certain representations and warranties regarding your use of the Site.
    • You represent and warrant that:
    • you have full authority and all rights necessary to enter into and fully perform all of your obligations pursuant to this User Agreement;
    • you have not and you will not enter into any agreement or perform any act which might contravene the purposes and/or effects of this User Agreement; and
    • you will not delete any Content.
  4. All Content is for informational purposes only.
    • Nothing on the Site is an offer or solicitation to buy or sell any security.
    • Although the Site may include investment-related information, nothing on the Site is a recommendation that you purchase, sell or hold any security or other investment, or that you pursue any investment style or strategy.
    • We do not give any advice or make any representations through the Site as to whether any security or investment is suitable to you or will be profitable.
    • Nothing on the Site is intended to be, and you should not consider anything on the Site to be, investment, accounting, tax, or legal advice.
    • If you would like investment, accounting, tax, or legal advice, you should consult with your own financial advisors, accountants, or attorneys regarding your individual circumstances and needs.
    • The past performance of any investment, investment strategy, or investment style is not indicative of nor a guarantee of future performance.
  5. There are various risks you assume in relying on the Content.
    • Dated Content speaks only as of the date indicated.
    • We make reasonable efforts to provide accurate Content, but at times we may not promptly update or correct the Site even if we are aware it is inaccurate, outdated, or otherwise inappropriate.
    • We may change all or any portion of the Site at any time without notice to you.
    • We do not endorse the opinions of, or warrant the accuracy of facts or other Content contributed by, any third party.
    • You agree we are not liable for any action you take or decision you make in reliance on any Content.
  6. If Hudson Bay provides you with a password, you must keep your password and certain Content confidential.
    • You are solely responsible for maintaining the confidentiality and security of your password. You accept full responsibility for any use of your password. You must notify Hudson Bay immediately of any actual or suspected loss, theft, or unauthorized use of your password.
    • You may not disclose any Content that is contained within the password protected portion of the Site to any third party, except to your financial, legal, or tax advisors, and others with whom you share investment decisions.
    • We are not obligated to inquire as to the authority or propriety of any use of or action taken under your password. We will not be responsible for any loss to you that arises from such use or action or from your failure to comply with these provisions.
  7. Hudson Bay is not liable for any technological problems and any impact they may have.
    • All or any portion of the Site may not be available and may not function properly at any time.
    • We make reasonable efforts to avoid technological problems, but at any time, the Site may have and may cause technological problems such as viruses and other damaging computer programming routines or engines.
    • We take reasonable security precautions when using the Internet, telephone, or other means to transport data or other communications, but we disclaim liability for any interception of data or communications.
    • We make reasonable efforts to ensure that the Site is secure, but we do not guarantee the security of the Site.
    • We are not liable for any damage or injury caused by the performance or failure of performance of all or any portion of the Site.
    • We are not liable for any defects, delays, or errors in or resulting from your use of the Site.
  8. Hudson Bay is not responsible for information on any third party website that is referenced in, or accessible or connected by hyperlink to, the Site.
    • If you access any third party website through the Site or otherwise, you do so at your own risk.
    • Hyperlinks to or from the Site do not constitute third party endorsement of, sponsorship by, or affiliation with us.
  9. Hudson Bay has the right, but not the obligation, to monitor and record activity on the Site and respond as it deems appropriate.
    • We may monitor and record activity on the Site for any reason or for no reason..
    • We may investigate any complaint or reported violation of our policies.
    • We may report any activity we suspect may violate any law or regulation to regulators, law enforcement officials, or other persons or entities we deem appropriate.
    • We may issue warnings, suspend, or terminate use of the Site, deny access to all or part of the Site or take any other action we deem appropriate.
  10. Hudson Bay will abide by its Privacy Policy.
    • Personal nonpublic information we gather from you will be governed by our Privacy Policy.
  11. HUDSON BAY DISCLAIMS ALL WARRANTIES WITH RESPECT TO THE SITE THAT THE LAW ALLOWS IT TO DISCLAIM.
    • THE SITE IS PROVIDED "AS IS" AND "AS AVAILABLE."
    • WE DISCLAIM ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, OF ANY KIND WITH RESPECT TO THE SITE INCLUDING WARRANTIES OF:
      • MERCHANTABILITY,
      • FITNESS FOR A PARTICULAR PURPOSE AND
      • NON-INFRINGEMENT OF INTELLECTUAL PROPERTY AND PROPRIETARY RIGHTS.
    • WITHOUT LIMITING OUR GENERAL DISCLAIMER, WE DO NOT WARRANT THE AVAILABILITY, ACCURACY, COMPLETENESS, TIMELINESS, FUNCTIONALITY, RELIABILITY, SEQUENCING, OR SPEED OF DELIVERY OF THE SITE OR ANY PART OF THE CONTENT.
  12. HUDSON BAY'S LIABILITY WITH RESPECT TO THE SITE IS LIMITED TO THE MAXIMUM EXTENT PERMITTED BY LAW.
    • IN NO EVENT WILL WE OR ANY OF OUR AFFILIATES, AGENTS, OR EMPLOYEES BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES HOWEVER CAUSED ARISING OUT OF THIS USER AGREEMENT, THE SITE, OR THE INABILITY TO USE THE SITE.
    • OUR LIABILITY IS LIMITED EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF THE DAMAGES YOU SUFFER OR IF ANY REMEDY YOU HAVE FAILS IN ITS ESSENTIAL PURPOSE.
    • UNDER ALL CIRCUMSTANCES, THE MAXIMUM LIABILITY OF Hudson Bay, ITS AGENTS, AND EMPLOYEES TO ANY USER OF THE SITE WITH RESPECT TO THE SITE IS $100.
    • THIS DISCLAIMER OF LIABILITY APPLIES TO ANY AND ALL DAMAGES OR INJURY, INCLUDING THOSE CAUSED BY ANY FAILURE OF PERFORMANCE, ERROR, OMISSION, INTERRUPTION, DELETION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS, COMMUNICATION LINE FAILURE, THEFT, DESTRUCTION OR UNAUTHORIZED ACCESS TO, ALTERATION OF OR USE OF ANY ASSET, WHETHER FOR BREACH OF CONTRACT, TORTIOUS BEHAVIOR, NEGLIGENCE, OR UNDER ANY OTHER CAUSE OF ACTION.
  13. You will be responsible for any liability to Hudson Bay that arises out of your breach of this User Agreement or your use of the Site.
    • You agree to indemnify, defend, and hold harmless Hudson Bay and its affiliates, agents, employees, and third party sources from and against any and all suits, losses, claims, demands, liabilities, damages, costs and expenses (including reasonable attorneys' fees) that arise from or relate to:
      • your use of the Site,
      • your breach of this User Agreement or any representation, warranty, or covenant made by you in this User Agreement,
      • your violation of any applicable law, statute, ordinance, regulation, or of any third party's rights, or
      • claims asserted by third parties that, if proven, would place you in breach of representations, warranties, covenants, or other provisions contained in this User Agreement.
  14. This User Agreement will be governed by and construed and enforced in accordance with the laws of the State of New York, without regard to conflicts of law principles. The courts of the State of New York will have exclusive jurisdiction to adjudicate any dispute arising out of this User Agreement, except with regard to injunctive relief.
    • No person shall bring a putative or certified class action to arbitration nor seek to enforce any pre-dispute arbitration agreement against any person who has initiated a putative class action in court or who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until:
      • the class certification is denied; or
      • the class is decertified; or
      • the customer is excluded from the class by the court. Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this User Agreement except to the extent stated herein.
  15. You will be bound by revised versions of this User Agreement that Hudson Bay posts on the Site.
    • Modifications will be effective immediately upon posting unless we indicate otherwise.
    • Your use of the Site indicates your full acceptance of this User Agreement in its then-current form each time you use the Site.
  16. You are bound by certain other general conditions.
    • We may assign this User Agreement in whole or in part at any time without your consent. You may not assign this User Agreement or delegate any of your obligations under this User Agreement. Any purported assignment of this User Agreement in violation of its terms is void.
    • If any provision of this User Agreement is found invalid or unenforceable, that provision shall be enforced to the maximum extent possible and the remaining provisions of this User Agreement shall remain in full force and effect.
    • This User Agreement constitutes the entire understanding, and supersedes all other understandings, between you and Hudson Bay concerning the subject matter hereof.
Privacy Notice
(July 2018)

This notice (this “Privacy Notice”) is provided by the investment manager of the Fund, Hudson Bay Capital Management LP, and/or its affiliates, including Hudson Bay Credit Management LLC (collectively, “HBC” or the “Investment Manager”), on behalf of the Fund, and sets forth the policies of the Fund with respect to the collection, sharing and protection of non-public personal information of the Fund’s investors, prospective investors and former investors. These policies apply to individuals and Individual Retirement Accounts only and may be changed at any time, provided a notice of such change is given to you. Please read this Privacy Notice carefully to understand what the Fund does with your information.

The Fund collects personal information, such as your address, social security number, assets, transaction and/or income information in the normal course of its operation, for example, when you: (i) provide it in the Subscription Agreement and related documents; (ii) provide it in correspondence and conversations with the Fund’s representatives; or (iii) make transactions with the Fund, such as when you purchase securities/interests or indicate where to make a wire transfer. The Fund also may collect your personal information from other sources, such as the Investment Manager.

The Fund may disclose information about its investors, prospective investors or former investors to affiliates (i.e., the Investment Manager) or non-affiliates (i.e., financial or non-financial companies not related by common ownership or control) for its everyday business purposes, such as to process your transactions, maintain your account(s) or to respond to court orders and legal investigations. Thus, it may be necessary, under anti-money laundering and similar laws, to disclose information about the Fund’s investors in order to accept subscriptions/contributions from them. The Fund will also release information about you if you so direct. The Fund does not share your information with non-affiliates for them to market to you. The Fund may disclose information about your transactions to its affiliates (i.e., the Investment Manager) for their everyday business purposes. You cannot limit these types of sharing.

The Fund may also share information with its affiliates (i.e., the Investment Manager) to market to you. The Investment Manager and its affiliates often work together to provide investors the opportunity to invest in other funds managed or sponsored by HBC or similar investment vehicles managed or sponsored by HBC’s affiliates. As such, the Fund is permitted to share information concerning investor account history and experiences with its affiliates; however, you may contact Investor Relations to limit its sharing. When you are no longer a Fund investor we may continue to share your information as described in this Privacy Notice. However, you may contact the Fund at any time to limit its sharing. If you limit sharing for an account you hold jointly with someone else, your choices will apply to everyone on your account. State laws may give you additional rights to limit sharing.

This Site may use "cookies," which may automatically collect certain information and data. "Cookies" are small pieces of data sent to your computer browser from HBC's web server and stored on your computer's hard drive. The data identifies you as a unique user and facilitates your ongoing access to and use of this Site. Cookies also help HBC diagnose problems with HBC's server.

To protect your personal information from unauthorized access and use, the Fund uses security measures that comply with federal and applicable state law. These measures include computer safeguards and secured files and buildings. If you have any questions about this Privacy Notice, please call Investor Relations at 212-571-1244.