Purpose
We manage a global long/short equity portfolio and primarily focus on smaller companies. Our objective is to preserve and grow our capital while generating high absolute returns under all market conditions. The firm solely manages proprietary capital.
Investment Philosophy
We blend long-term conviction with opportunistic short-term positioning. Our core focus is on smaller companies with exceptional business models and leadership—particularly those overlooked by institutional investors. In parallel, we actively trade short-term market dislocations to generate alpha and hedge portfolio risk.
Concentration
Concentrating on a few high-conviction ideas outperforms spreading resources thinly across a diverse portfolio of lower-conviction investments.
Risk Management
Cutting losses early and letting winners run is essential for effective risk management; deeply understanding your assets is crucial.
Asset Pricing
The less investors there are observing a specific asset, the more likely it is for the asset to be underpriced. This dynamic is particularly apparent in equity markets, for smaller assets and turnaround stories with depressed investor sentiment.
Markets
Markets are reflexive, with prices influencing fundamentals. Understanding these feedback loops is essential for both smaller businesses reliant on equity financing and broader macroeconomic dynamics.
Our Values
We believe that enduring results come from quiet conviction, not consensus. Our work begins where attention is scarce, guided by a steady process and a willingness to think independently.
Curiosity
As fundamental analysts, our weapon of choice is research. Learning is at the core of all that we do, and we strive to maintain an insatiable intellectual curiosity.
Integrity
Integrity drives our pursuit of intellectual honesty, as we rigorously challenge our understanding of the markets we invest in. This commitment to truth and first principles thinking sharpens our decision-making ability.
Adaptability
As dynamic investors, we adapt swiftly to evolving market conditions, a necessity in a decade poised for heightened volatility and geopolitical uncertainty.
Resilience
Control what you can and stay mindful of what you cannot. Markets are seldom forgiving and often punish certain assets unnecessarily. These dislocations offer buying opportunities, rewarding deep asset knowledge and a disciplined temperament.
Specialization
Although we are generalists at our core, we believe certain investment playbooks are the breeding ground for outsized returns
Turnaround Stories
Companies emerging from temporary setbacks or approaching profitability typically trade at depressed valuations. This creates an opportunity, provided management can execute on a plan that tackles the specific bottlenecks inhibiting their company’s success.
Demand Shocks
Companies that are well positioned to benefit from shifts in demand can see a material uplift in their topline. Examples include large-cap firms sending demand shocks down the value chain, or specific industries which become favored by domestic policy.
Event Driven
Mispricing opportunities often stem from events that introduce investor uncertainty disproportionate to actual risk, such as changes in capital structure, spin-offs, M&A, commodity price shifts, activism, and regulatory developments.
Overlooked Quality
High-quality businesses can sometimes hold competitive advantages which are overlooked by the market. These businesses reward long-term investors as they deliver compounding growth through high returns on invested capital.
Alternative asset
management focused on
underappreciated assets
If you are an executive of a publicly traded small-cap or micro-cap company, we could be an ideal capital partner for your business.
