Refraction manages an investment footprint that covers the energy industry and the sub-sectors that feed into it. We look at each individual company from the engineering through to the financial analysis and build our macroeconomic understanding based on a “basin by basin” approach until we understand the facets which make up a country’s dynamic economy. We look at every public company from a minimum market capitalization of US$100mm to XOM & every private who will talk to us. We are a global insight provider and our insight & relationships allow us to gain a competitive advantage and access deal flow.
We invest in all parts of the capital structure, including debt, equity, options, derivatives and we will go long & short companies. All investments must be able to be marked (grey or lit exchanges), unless requested by our Limited Partners or the Engagement Agreement.
We will often employ macro-overlays and system strategies, thoroughly tested for parallel and event risk to manage our market exposures. We are focused on understanding opportunities in the fields of: