Strategies
One discipline, across the cap spectrum.
Five equity mandates, one filter: businesses that earn high returns on capital with room to reinvest. Where a company sits on the cap spectrum is a question of where the opportunity is, never a change in what we demand of it.
The mandates
Five universes. The same standard of quality.
Small Cap
Small capUnder-followed small companies with clean balance sheets and owner-operators whose incentives sit alongside yours.
Allocators sizing a dedicated small-cap sleeve.
SMID
Small / mid capMispriced small- and mid-cap compounders: businesses earning strong returns with the runway to keep reinvesting at them.
Mandates seeking quality below the large-cap radar.
Select
All capOur highest-conviction ideas, unconstrained by size. Company quality is the only filter, and concentration follows conviction.
Investors who want best-ideas exposure across the cap spectrum.
Focus
ConcentratedA concentrated expression of our best thinking: no cap or sector constraints, only the businesses we would most want to own.
Investors comfortable with concentration in exchange for conviction.
Core
Large capDurable, large-capitalization franchises that earn high returns on capital and allocate it with discipline: the quality core of an equity program.
Allocators seeking a high-quality, lower-turnover equity foundation.
How they’re delivered
Separate accounts, tailored and transparent.
Yours alone
Every mandate is a separate account in your name, not a commingled fund. Positions are held directly, tailored to your constraints, and visible to you at all times.
Tax-aware by default
We manage around your cost basis, gains budget, and restrictions, because the after-tax return is the only kind you keep.
One standard of care
Institutional separate account or a single family's wealth, the research, the discipline, and the accountability behind every mandate are identical.