Yorkville Asset Management

At Yorkville, we pay particular attention to the M&A landscape as it has implications for how we allocate capital in the public markets. For example, if one of the companies we own is the target of a takeover, it will typically drive the stock price materially higher. While searching for potential “targets” is not part of our core investment thesis, it can nonetheless be a byproduct of our investment process as we tend to invest in durable, fundamentally strong businesses that can trade at discounts to their intrinsic value. The past few years have been particularly slow for the M&A world as rising interest rates and relatively modest valuations have tempered activity. Against that backdrop, in this article we will explore the current M&A market environment and recent uptick in activity to highlight some of the key implications and how we are positioning our portfolios accordingly.