Value meets catalyst.
We seek mispriced securities where an identifiable development can change earnings power, expectations or perceived value.
What can change?
Find Mispricing
Identify businesses or securities where market expectations diverge from our assessment of underlying value.
Define the Catalyst
Look for operational, strategic, financial or corporate developments capable of narrowing that gap.
Concentrate
Build a focused portfolio rather than dilute conviction across a large number of positions.
Manage Actively
Complement core positions with tactical and event-driven opportunities as market conditions evolve.
Reassess
Exit or resize when the catalyst is realized, the valuation changes, or the original thesis no longer holds.
Focused, flexible, opportunistic.
Core portfolios are generally concentrated, with a typical investment thesis measured in months and years rather than days.
The strategy is centered primarily on U.S. equities while retaining flexibility to pursue long and short opportunities when the risk/reward is compelling.