We build a concentrated portfolio of public equities - each one a business we can explain in plain language, in a sector with a long-term tailwind. Our own capital is in every position. No index funds. No model-driven diversification. Just businesses positioned to win the next decade.
We start with the business, not the stock. Before we look at valuation or price history, we ask: how does this company actually make money? We evaluate competitive dynamics, unit economics, management quality, and the durability of the moat. We then ask whether the market is pricing these qualities correctly. Often, it is not - especially for businesses in the middle of structural transitions that Wall Street is slow to understand. That's where we find asymmetry.
Concentration: Limited positions, each one a business we would be comfortable owning in its entirety.
Business-first: We evaluate every company the way an operator would evaluate an acquisition.
Structural tailwinds: We invest where massive secular trends meet specific, defensible positions.
Conviction holds: We do not trade or time markets. We hold as long as the thesis is intact.
The comparison shown is a general illustration of how our approach differs from common industry practices. It does not refer to any specific firm, is not a representation that any particular outcome will result, and is not a guarantee of performance.
A look at how we underwrite - current and closed positions, with the thesis behind each one.
A concentrated position in AI cloud infrastructure. Our thesis centers on Nebius as an emerging platform layer for the AI economy, built to support training, inference, and large-scale deployment.
nebius.com →A position in a company aligned with the modernization of defense procurement. Our thesis centers on Red Cat's role in drone and autonomous systems as defense budgets shift toward software-enabled hardware platforms.
redcat.com →A concentrated position in a critical enabler of AI infrastructure. Our thesis centers on Micron's role in memory and storage, where rising AI workloads are driving structurally higher demand for performance and capacity.
micron.com →Agilon Health (AGL) is a value-based primary care platform serving seniors through physician partnerships. As patient volumes improve and contracts mature, we see strong potential for long-term growth and upside.
agilonhealth.com →A concentrated position in a specialty vehicle platform serving essential and recurring end markets. Our thesis centers on REV Group’s role in fire, emergency, commercial, and recreational vehicles, where fleet replacement, operational execution, and demand for mission-critical equipment create long-term earnings upside.
revgroup.com →A concentrated position in a core enabler of the AI economy. Our thesis centers on AMD’s role across data center compute, AI accelerators, CPUs, and adaptive processing, where rising AI workloads are driving structurally higher demand for performance, efficiency, and scale.
amd.com →Illustrative examples only - a partial list, subject to change. Not an offer, solicitation, or recommendation. Private investments are available only to accredited investors through private communications, not via this website.
No pitch, no minimums on the first conversation. Just whether the way we invest fits how you think.
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