Strategy

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. On occasion, we may employ activist investing strategies, which may involve more active participation in the affairs of a portfolio company than that generally assumed by an investor.

Portfolios of our Core Strategy constructed within 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
  • Above average, long-term absolute return target
  • No leverage
  • No shorting
  • No options
  • Hedging: holding cash as necessary

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