Our Difference
In public markets, the world wants us to believe we aren’t different as investors unless we have a feature that seems novel or a complicated structure; but in our experience, being different requires several compounding advantages that come together just right.
Our difference cuts across expertise within an area of specialty, process elements and execution, unconstrained structure, and decision-making behaviors:
Unconstrained portfolio construction
We believe a completely unconstrained approach, globally, is required to capitalize on the inefficiencies that can surface due public market structure in the modern era
Expertise within an area of specialty
We are specialists of a different type who focus only on competitive advantages in their highest forms and evolve a lived, global knowledge base of 200+ enduring innovators that we know well
Decision-making behaviors
We believe high conviction is crucial. This can involve large position sizes and periods of looking stupid. Our heuristics-based judgment comes from years of studying next Fortune 100s, and our systematic conviction is supported by a heavy process
Process elements and execution
Every investment passes through multiple “stops” on the route to inclusion with a focus on unitizing risk-reward across our opportunity set
Firm structure
Choices including team size and structure, assets capacity, and growth strategies can affect performance
Client alignment
The expectations, goals, and overall alignment of the client base can heavily influence investment decisions and behaviors