Stephen Hope

Stephen McCaughan Hope is the founder and managing member of Outrider Management, LLC, which he formed in January 2004. Outrider describes itself as an investor in distressed companies in emerging markets, using a value-oriented strategy and looking for catalysts such as restructurings or strategic transactions.

Before founding Outrider, Hope was a portfolio manager at Dalton Investments, LLC, where he managed a fund with a substantially similar strategy. Earlier, he managed an emerging-markets distressed debt fund for two years at San Francisco Sentry Investment Group, worked at Bracebridge Capital as an analyst and trader for Asian operations, and was a currency and bond trader covering Asian and Dollar Bloc markets at Eaton Vance Management from 1995 to 1997.

Hope began his career at First National Bank of Maryland as a corporate credit analyst and trader. He holds a B.A. in Economics from Princeton University.

He has also served on boards connected to Outrider’s special-situation investments, including Jaguar Mining Inc., Frontera Resources Corp., and Madagascar Oil Ltd. A 2017 Frontera announcement described him as a highly experienced emerging-markets investor with more than 20 years of experience.

• Outrider’s stated focus is: “distressed companies in the emerging markets.”
• The firm looks for securities trading below estimated value based on cash-flow generation or underlying assets.
• Outrider seeks catalysts to unlock value, most often restructurings of obligations or strategic transactions.
• The firm says it considers macroeconomic and political factors when investing in emerging markets.
• Outrider prefers consensual restructurings where possible, but states that it will pursue litigation and bankruptcy processes when needed to recover value for investors.
• Documented sector exposure includes natural resources, oil and gas, and mining through Frontera Resources, Madagascar Oil, and Jaguar Mining.