02 What We Do
Four mandates, each run by a person.
Mandates
Not a committee, not a benchmark. One name against every position.
i
Public Equities
Concentrated ownership in businesses with durable economics and management we would work for. Sized to conviction, not to a benchmark.
ii
Derivatives & Income
Systematic option writing against index and single-name exposure, sized so that a bad month is uncomfortable and never fatal.
iii
Private Credit
Direct lending to operators in markets we know, on terms we set, with collateral we have seen in person.
iv
Real Assets
Long-hold property and operating assets acquired below replacement cost, financed conservatively and improved over years.