Hedge Funds case studies, worked step by step

Cases
100
Traced to a firm
31
Topics
13
Hard
30
Topic
All topicsCredit, distressed and capital structure7Earnings, models and KPIs8Event-driven and merger arbitrage7Fund economics, NAV and LP decisions8Global macro trades7Long pitches and valuation14Manager evaluation and attribution7Pairs and relative value5Portfolio construction and sizing7Risk limits and drawdowns7Short selling6Systematic research and data11Volatility, options and convertibles6
Level
AnyWarm upCoreHard
Source
AnyReported at a firmStandard
Showing 11–20 of 31 · filtered from 100Clear filters
  1. 049Quillon Software, an Indian SaaS company, has revenue of Rs 800 crore growing 25% a year and an EBITDA margin of 18% that management says reaches 28% by year three. It trades at 6x EV/sales (EV Rs 4,800 crore) against peers at 5x. Pitch it: what do year-three EBITDA and a 25x exit multiple imply for the return, and what has to go right?Long pitches and valuationHardMillennium ManagementNew York · 2023
  2. 050Rank four businesses from best to worst investment in one hour with quick maths: Palvin Pipes (ROIC 15%, growth 10%, P/E 18), Serik Software (ROIC 40%, growth 20%, P/E 45), Morvanti Hotels (ROIC 7%, growth 8%, P/E 30), Juvara Dairy (ROIC 18%, growth 6%, P/E 14). Use earnings yield plus growth adjusted for reinvestment.Long pitches and valuationHardViking Global InvestorsNew York · 2025
  3. 051Mandor Hotels' three-year bond trades at 82 with a 9% coupon and its shares at Rs 40. With a 25% chance of default, which instrument gives the better risk-adjusted return, and why might a credit investor and an equity investor disagree?Credit, distressed and capital structureCoreKKRNew York · 2025
  4. 055Design a financial stress index for five economies, Aldora, Brevia, Corvin, Dessala and Estmar, from credit growth, the current account balance and short-term external debt to reserves. How do you normalise, weight and rank, and what are the index's weaknesses?Global macro tradesCoreBridgewater AssociatesNew York · 2026
  5. 056You have two minutes to pitch Corvane Logistics, at Rs 240 with EPS of Rs 12, EPS growth of 18% a year for three years and peers at 25x. Build the pitch: the one-line thesis, the three numbers, the value and the one risk that would change your mind.Long pitches and valuationWarm upPoint72central · 2025Man GroupLondon · 2016
  6. 061Vornix EdTech spends Rs 12,000 to acquire a customer paying Rs 500 a month at a 30% gross margin, with 4% monthly churn, and trades at 8x sales. Build the unit economics and make the short case.Short sellingCoreCoatue ManagementNew York · 2023
  7. 062A backtest on Orlin Minerals gives a Sharpe ratio of 2.1. The price file has one duplicated day and one bad print at ten times the true price that reverts the next day. What does cleaning do to the Sharpe, and how would you catch these errors automatically?Systematic research and dataCoreSquarepoint CapitalLondon · 2026
  8. 065Your long thesis on Ruvello Textiles is that its EBITDA margin rises from 9% to 13% as cotton prices fall 15%. Cotton is 45% of revenue. What if cotton does not fall? Rebuild the margin with cotton flat and up 5%, and say what else must carry the thesis.Earnings, models and KPIsCoreApollo Global ManagementRemote · 2021
  9. 067You hold a Rs 50 crore LP stake in Tamrit Capital, which charges 2 and 20 and is 15% below its high-water mark. You expect gross returns of 12% a year. What is the stake worth to you, and to a buyer, given the fee holiday until the mark is regained?Fund economics, NAV and LP decisionsHardBaupost GroupBoston · 2018Baupost GroupBoston · 2018Baupost GroupBoston · 2018
  10. 068Tarsil Pharma trades at 14x earnings while three peers trade at 20x, 22x and 24x. But 35% of Tarsil's revenue comes from one US product that loses patent protection in two years, which would cut earnings by 30%. Is Tarsil mispriced against its peers?Long pitches and valuationCorePoint72London · 2026

Company names and figures are illustrative.