Specialists in convertible and credit relative value strategies

The firm was founded in 2019 to deliver an all-weather return profile by exploiting the inefficiencies available in convertible and credit markets

About

System 2 Capital specialises in convertible and credit relative value strategies

The firm dynamically allocates capital across a core group of strategies in order to construct a cycle-agnostic portfolio that is “long the wings” and that exploits mispricings inside and across capital structures. The highly experienced investment team is uniquely capable of delivering this strategy from the perspectives of fundamental research, trading, quantitative analysis and legal analysis

This return profile achieves compelling returns in normal markets with enhanced returns subsequent to dislocations, while maintaining strict control over risks. Generating outstanding all-weather risk-adjusted returns for our investors is what we strive for every day and this is achieved by prioritising risk control over return seeking

Our investor base spans endowments, foundations, corporate pensions, insurance companies, family offices and internal capital. Our enduring, long-term partnerships are enabled by our core mission of consistently delivering outstanding risk-adjusted, uncorrelated returns to our investors in a transparent manner

Why System 2?

A structured and systematic approach to avoid decision bias and improve decision-making

System 2 is an homage to Daniel Kahneman and Amos Tversky, leaders in the field of behavioural economics, who used the concepts of System 1 and System 2 to describe different ways that the mind works

System 2 is the mode of thinking which is slow, deliberate and includes complex decision-making

System 2 is contrasted with the System 1 mode of thinking, which operates automatically and quickly, but is lazy with little effort and self-correction. System 1 is responsible for the irrational behaviour demonstrated by all of us at times

Being in a firm named System 2 reminds us, every day, to focus on critical thinking

Partners

Sean Oldfield

MANAGING PARTNER CHIEF INVESTMENT OFFICER

Sean founded System 2 Capital in 2019. He draws on over twenty years of experience in fundamental analysis and quantitative asymmetry across both public and private markets.

Prior to founding System 2, he was the founder and Chief Executive Officer of Castle Trust, which he built to over a $1bn convertible and credit strategies business. Prior to this, Sean was the Global Head of the Public Market Strategies Group at Macquarie Bank in London, the bank’s internal hedge fund, where he ultimately ran the balance sheet investments in global event-driven and special situations. He began his career at Macquarie bank in 2000 as an analyst in Corporate Finance and then Investment Management.

Sean graduated from Sydney University with two degrees in Commerce and Chemical Engineering with First Class Honours.

Sean Oldfield

MANAGING PARTNER CHIEF INVESTMENT OFFICER

Sean founded System 2 Capital in 2019. He draws on over twenty years of experience in fundamental analysis and quantitative asymmetry across both public and private markets.

Sean graduated from Sydney University with two degrees in Commerce and Chemical Engineering with First Class Honours.

System 2 Capital LLP ("System 2") is authorised and regulated by the Financial Conduct Authority (FRN 955105) and incorporated as limited liability company in England and Wales number OC424388 with its registered office at 27 Old Gloucester Street, London WC1N 3AX.

This website and the content contained therein is aimed at professional investors.

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