Osprey Money Management

John P. Spillane serves as Chief Investment Officer and is the principal decision-maker for the firm's convertible arbitrage portfolio. He founded the firm in 1994 and remains the sole recognized investment lead. There is no disclosed investment committee or deputy CIO structure, making this a classic key-person manager.

Osprey runs a dedicated convertible arbitrage strategy. The firm buys convertible bonds it considers undervalued relative to the company's underlying equity and credit quality, then hedges the equity exposure to isolate the cheapness of the convertible's embedded option and yield components. This market-neutral approach targets returns from security-specific mispricing rather than directional equity or credit market moves.

Osprey identifies ideas through deep fundamental credit analysis, often focusing on mid-cap issuers where convertible securities receive less sell-side research coverage. The firm screens for convertibles trading with low implied volatility relative to the issuer's fundamental credit risk and historical equity volatility, exploiting the liquidity and coverage gaps that larger arbitrage desks cannot easily access without moving prices.

Osprey operates predominantly as a single-fund structure centered on its convertible arbitrage strategy. The firm has not launched additional funds targeting other strategies, asset classes, or geographies — an intentional decision to stay capacity-constrained and avoid the style drift that can accompany product proliferation.

Osprey invests across the capital structure of publicly traded companies, focusing on the convertible bonds issued at various points in a firm's lifecycle. The strategy is sector-agnostic, participating across industries from technology to industrials where convertible issuance is prevalent. It does not make private investments, venture-stage commitments, or pure equity purchases outside the hedging book.

No. Despite its boutique scale and capacity discipline, Osprey operates as a registered investment adviser managing external capital through a hedge fund vehicle. It does not function as a single-family office, nor does it manage wealth on a discretionary basis for a single family.

Osprey does not participate in co-investments alongside external general partners, nor does it maintain side-pocket structures for illiquid positions. The convertible arbitrage strategy is executed entirely within the liquid, marked-to-market portfolio of the main fund, using publicly traded convertible bonds, equities, and listed options.