What We Do
Our Strategy
We invest in two categories of public equities. The first are resilient, income-generating businesses that form the foundation of the portfolio. The second are high-conviction positions where our research reveals significant mispricing or misunderstood dynamics. We concentrate capital when the thesis is clear, manage risk actively, and exit based on valuation, risk-reward compression, or when the facts change.
Business-First Research
Every investment begins with a detailed breakdown of the business model, capital structure, and key economic levers. We focus on understanding how value is created, what drives returns on capital, and whether management can execute with discipline. This operating-level approach forms the foundation of our investment judgment.
Focused Capital Deployment
We allocate capital based on depth of understanding and strength of conviction. Position sizing reflects the quality of the insight, the clarity of the thesis, and the asymmetry of the outcome. Our portfolio is built to express our highest-conviction views, not to match benchmarks.
Active Portfolio Management
We manage risk in real time, adjusting exposure when new information challenges the thesis, relative value shifts, or better uses of capital emerge. Every position is scrutinized continuously and must earn its place in the portfolio.