We manage a concentrated, portfolio of equity investments and shorts in mid-sized European companies. [We believe focus is the best approach to generate consistent, long-term outperformance.]
We only invest in companies that are trading at material discounts to their intrinsic value, and where we believe the investment or short is likely to generate at least 25% annualised returns – conservatively assessed – over a multi-year investment horizon.
We focus on companies that are going through multi-year change to their economics, which is causing market participants to materially misprice the reward vs. risk profile. The investment opportunities we seek out are often caused by multi-year, fundamental change to (i) the company’s long-term growth prospects, returns on capital, margins, capital structure, corporate structure or corporate strategy, or (ii) broader industry dynamics.