2026 Sohn Montreal: Converium's Aaron Stern Makes The Case For A Hated Printing Icon's Distressed Bonds

(MENAFN- ValueWalk) Aaron Stern had the home-field advantage at the 2026 Sohn Montreal Investment Conference. He runs Converium Capital from Montreal, he sits on the conference host committee, and he was the last thing standing between a room full of investors and the cocktail reception. He used the slot to pitch one of the most disliked names in American business.

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A printing icon the market has written off Where the mispricing is Why the downside is protected Signs the tide is turning The trade

“We make money by taking the noise out of a situation, and the more noise a situation has, typically the deeper the discounted securities,” Stern told the room.“So we think we have a very noisy situation for you today.”

Also see: Converium on Avoiding Falling Knives: Our Interview Ahead Of Sohn Montreal 2026 With Aaron Stern

A fallen printing and office-technology icon whose stock has lost roughly 85% of its value since early 2024 and whose bonds have fallen 35 to 60 points is the idea. Stern's argument is that the wreckage has gone too far. Buy the right mix of the company's securities today, he said, and you can build a position that should return close to 100% while still protecting your downside if the turnaround stalls. Converium specializes in exactly this kind of messy, event-driven credit, and Stern came armed with a track record: by his count, none of the ideas he has shared at Sohn conference has lost money, and last year's Montreal pick is up about 77%

The catch, as always with Converium, is that the story takes some work to untangle.

Converium Capital uss a multi-strategy opportunistic investment approach, focusing on distressed and event-driven opportunities across the world. The investment firm aims to deliver positive, uncorrelated returns regardless of macroeconomic conditions. Stern founded his firm in 2020. Prior to that he was Managing Director & Partner at Fir Tree Partners. Before that Stern worked at various hedge funds including Millennium Capital

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