Our Approach

Investment
Strategy

Combining rigorous fundamental research with opportunistic catalyst identification to generate superior risk-adjusted returns.

Investment Strategy

We target undervalued publicly traded companies trading at significant discounts to their historical highs and intrinsic value — overlooked by Wall Street despite strong balance sheets and generating revenues and profits.

We identify catalysts that should create a growth inflection point and unlock shareholder value, and where appropriate, engage with management through constructive activism to accelerate that value realization.

Undervalued Equities
Companies trading at a significant discount to their historical trading highs and intrinsic value.
Overlooked by Wall Street
Despite strong balance sheets, generating revenues and profits with little institutional coverage.
Clear Catalysts
Identifiable events that create a growth inflection point and unlock shareholder value.
Constructive Engagement
Direct management engagement to accelerate value realization and improve capital allocation.

Key Attributes

Strategy
Characteristics

Our disciplined strategy is built on a set of core principles refined over decades of investing across multiple market cycles.

  • Focus on fundamental value investing with deep research-intensive analysis
  • Inefficiently priced securities with little Wall Street coverage
  • Capacity with current strategy: USD $1 billion
  • Constructive activist strategy — 13D and 13G filings, management letters
  • Team has decades of investment and turnaround experience
  • Companies with strong balance sheets and fundamentals
  • Long bias strategy — up to 25% in special situations
  • Portfolio of 35–40 positions, diversified by sector and market cap
  • Typical holding period 12–36 months

How We Invest

Investment
Process

01
Target Universe
  • Proprietary screening of 400–500 publicly traded companies
  • Focus on excessively shorted stocks
  • Identify stocks trading at material discounts to intrinsic value
  • Qualitative filters: Valuation, Balance sheet, Cash flow, Liquidity
02
Fundamental Research
  • Review SEC filings and publicly available information
  • Industry & competitive analysis
  • Analysis of comps and industry multiples
  • Discussions with management, industry contacts and analysts
  • Assess board members and shareholder base
03
Investment Committee
  • Review and risk assessment
  • Position sizing based on internal analysis and liquidity
  • Expected return thresholds and agreement on catalysts
04
Portfolio
  • 35–40 positions, diversified by sector and market cap
  • Typical holding period: 12–36 months
  • Up to 25% in special situations
  • 13D/13G filings, management letters, board recommendations

Sell Discipline

Driven by intrinsic value realization
and capital redeployment

Valuation Convergence
We reduce or exit a position as the stock approaches or exceeds our estimate of intrinsic value.
Sentiment Moves
We opportunistically reduce exposure when price appreciation runs materially ahead of fundamentals.
Thesis Impairment
We exit if business fundamentals deteriorate, balance sheet risk increases, or management execution weakens.
Portfolio Management
Position sizes are actively managed as prices appreciate; liquidity is monitored continuously, and activist exposure is capped (~25%).
Capital Reallocation
We monetize upside and redeploy capital when superior risk-adjusted, high-conviction value dislocations emerge elsewhere.
Disciplined Exit
Every position has a defined exit thesis established at the time of investment, ensuring sell decisions are systematic and unemotional.