We generally invest in a limited number of long equity positions seeking to achieve long-term superior returns over a market cycle while minimizing the risk of permanent loss of capital.

We focus primarily on investing in a limited number of generally undervalued and special situation opportunities.

Portfolios of our Core Strategy are generally constructed with the following framework:

  • Long-only U.S. listed equities
  • Typically 10-15 positions
  • Typically 5-12% position sizes
  • Max position size typically 12% of portfolio value (at the time an investment is made)
  • No sector or market cap restrictions
  • Superior long-term absolute return targets

Individual portfolio parameters and restrictions are specified in each client’s investment management agreement.

We strongly discourage prospective clients from investing capital that cannot be committed for at least three years and ideally more than five years.