Stockholm-based boutique Tidan Capital has appointed Luca Moro as Senior Portfolio Strategist, strengthening the team led by founders and portfolio managers Michael Falken and William Wilson. Moro will contribute his experience in fundamental investing across equity and credit markets, supporting the development of Tidan’s capital structure relative value strategy and Themis, its sister equity market-neutral strategy.
Moro brings more than two decades of experience across hedge funds, private equity and special situations investing, with a background in long/short equity and credit, distressed debt and event-driven strategies. Before joining Tidan Capital, he was Chief Investment Officer of the SpesX Energy Transition UCITS Fund at FIEE SGR in Rome. Previously, he was a portfolio manager at Ironshield Capital Management and Numen Capital in London and co-founded Eyck Capital Management, a European event-driven and distressed hedge fund. He began his career in leveraged finance at J.P. Morgan before joining Halcyon Asset Management as a Senior Research Analyst focused on distressed debt and special situations.
“Luca brings a rare combination of equity and credit expertise to the Tidan/Themis team,” says Michael Falken, Chief Investment Officer at Tidan Capital. “His experience investing across the capital structure, particularly in special situations and distressed investing, adds a valuable dimension to our fundamental process at a point in the cycle where balance sheet strength and refinancing risk matter more than ever,” Falken adds. “His independent thinking and analytical depth are exactly what we were looking for.”
“Luca brings a rare combination of equity and credit expertise to the Tidan/Themis team.”
Michael Falken, Chief Investment Officer at Tidan Capital.
Moro’s appointment supports Tidan Capital’s approach of assessing companies through both their debt and equity securities to identify relative value opportunities. “Equity investors tend to focus on income statements and upside. Credit investors focus on balance sheets and downside protection,” Moro says. “Looking at the same company through both lenses has defined most of my career, and it often leads to a view on valuation that differs from the market’s.”
“I look forward to working alongside Michael and William to put it into practice through differentiated, high-conviction ideas across the Tidan and Themis strategies.”
Luca Moro
He says Tidan’s investment philosophy and operating environment were important factors in his decision to join. “It was exciting to find like-minded investors at Tidan who share that philosophy, together with an institutional-grade multi-strategy platform and a culture of independent thinking and intellectual honesty. That was the deciding factor in my move,” he says. “I look forward to working alongside Michael and William to put it into practice through differentiated, high-conviction ideas across the Tidan and Themis strategies.”
Tidan Capital launched its relative value strategy as its first offering and has since expanded into a multi-strategy boutique managing around $900 million. While Tidan focuses on mispricings between debt and equity within a company’s capital structure, Themis takes an equity market-neutral approach, targeting overvalued companies facing potential share-price pressure from dilutive financing or corporate restructurings.
