We operate a

Hedged strategy

With Meaningful

Industry Exposure

Risk-management framework

By employing a comprehensive risk mitigation framework, we optimize portfolio performance and dampen down-side volatility at the total Fund level. Effective risk management and capital preservation is a key part of our investment strategy. We define risk as the permanent impairment of capital or an inability to effectively achieve the target rate of returns.

High Quality Companies

Comprehensive & Systematic Underwriting Process

By allocating to the highest quality companies, we can address long-term risks stemming from major economic disruptions.

We systematically mitigate risks by:

  • Thoroughly analyzing qualitative and quantitative characteristics.
  • Stress testing business financials to anticipate worst-case scenarios.
  • Calculating intrinsic values with extremely conservative assumptions.

Effective Diversification

DIVERSIFICATION Achieved Through The Underlying Companies

By selecting companies with exposures across multiple sectors, we address near and long-term systemic and cyclical risks.

Our portfolio is diversified through:

  • Investments and exposures across industries, sectors, verticals, lines of business
  • A deep understanding of holding correlations.

Active Risk Management


Through a methodical and flexible derivative strategy, we address shorter-term and idiosyncratic risks.

  • Our program compliments long-term perspective of the strategy by preserving capital during market drawdowns.
  • We designed it with optionality to capitalize and monetize on significant market dislocations.

Our Investment Edge

We seek to capitalize on market inefficiencies created by behavioral, analytical, and informational flaws embedded in the market.


  • Flexible mandate provides maximum optionality.
  • Strategy employs a disciplined and systematic approach to investing.
  • Longer term holding period with prudent levels of portfolio leverage.
  • Willingness to be contrarian when research and fact patterns support the thesis.


  • Focus on long-term economic drivers of a business.
  • Identify misunderstood and transformational changes within a business.
  • Derive intrinsic value from a conservative application of the business economics.
  • Ensure reported accounting reflects underlying fundamental economics.
  • Disaggregate parts of the business to identify hidden values.
  • Stress-test to ensure a margin of safety.


  • Proprietary, multi-disciplinary and comprehensive research approach (scuttlebutt method).
  • Reliance on data synthesis to analyze industry ecosystem, business model, and execution strategy.
  • Intensive, investigative fieldwork to fact-check thesis.

Our approach is systematically designed for repeatability and sustainability

It offers a comprehensive understanding of business ecosystems and allows us to discover hidden values.

Our Underwriting Process

We leverage a proprietary investment methodology to alpha generation by employing a data-driven macro top-down approach complemented by a fundamental bottom-up analytical process.

It’s the synthesis and merging of these two systematic processes that translates into outperformance and value creation over the long-term.


Idea Generation

Source and evaluate the many ideas while maintaining an extremely high standard of underwriting. Hybrid idea sourcing:

  • Behavioral
  • Analytical
  • Informational

Opportunity set:

  • Top-Down Approach: Navigating the markets, trends, and industries
  • Bottom-Up Approach: Deep fundamental company level analysis



Filter businesses based on specific characteristics:

  • Minimum Market Cap of $300 million
  • Revenue & income ratios
  • Cash Flow Positive
  • Satisfies debt level criteria
  • Share repurchases & dividend considerations
  • Not entirely focused on “the multiples”

“Big picture” assessment:

  • Current market conditions
  • Advantages and moats
  • ROE vs. competitors
  • Regulatory advantages or disadvantages


Due Diligence

  • Examine 10-Ks over 10-year period to better understand the company and identify discrepancies
  • Correspond with IR and management for questions and discrepancies
  • Supply chain and demand-side examination
  • Analysis of products and services
  • Investigative fieldwork using the “scuttlebutt method”
  • Understand the people, business model, and ecosystem



  • Identify critical business drivers and verticals
  • Financial stress test and scenario analysis where the evidence must establish a compelling investment thesis
  • Conservative estimate and assumptions of the underlying potentials
  • Long-term horizon considerations with unwavering commitment to patience
  • Conduct various financial modeling
  • Attempt to invalidate investment thesis through comprehensive quantitative and qualitative analysis


Portfolio Construction

  • Concentrate on high conviction ideas
  • Balance and diversify across industries and sectors and through business drivers and revenue exposure
  • Positions weighted on the relative conviction, risk-reward ratio, range of potential outcomes and the anticipated correlation with other holdings.
  • Longer-term investment horizon
  • Replace ideas that have lower forward-looking returns with higher conviction opportunities
  • Continuously re-assess at the individual position level to mitigate risks at the portfolio level
  • Use derivatives as a portfolio management tool for effective risk management and performance optimization
Portfolio Construction
It’s the synthesis and merging of the top-down and bottom-up systematic processes that translates into outperformance and value creation over the long-term for the benefit of our investors.
Learn about our philosophy
Portfolio Construction