Research first.
Risk before return.
A multi-strategy mandate across all liquid markets and instruments, built on in-house fundamental and technical research. The mandate is deliberately broad; the process that governs it is deliberately narrow.
One process, run in sequence.
The same five steps, for every position, in every market. Nothing reaches the book without a written thesis; nothing leaves it without a written record.
Information gathering
Primary sources, sector work, the slow accumulation of context. Most of the firm’s time is spent here, and that is deliberate.
Thesis formation
A written thesis for every idea: what we believe, why the market prices it differently, and what would prove us wrong.
Position construction
Instrument, size and structure follow the thesis. The breadth of the mandate serves precision, not activity.
Risk review
Sizing and aggregate exposure are reviewed against the discipline of capital preservation. Risk is examined before return is discussed.
Post-mortem
Every closed position is written up, whatever the outcome. A repeatable process requires a record.
Breadth, in service of judgment.
Instrument breadth widens the set of ways to express a thesis. It is not a commitment to be active everywhere.
Equities, long and short
Positions on both sides of the book, taken where research supports conviction — not to fill a sleeve.
Commodities
Long and short exposure where physical-market work and the energy research effort overlap.
Fixed income & arbitrage
Positioning across yield levels, and relative-value work where pricing relationships have come apart.
Currency
Positioning through FX forwards and swaps — as expression and as hedge, never as decoration.
Capital preservation governs sizing.
The firm publishes no return targets. Discipline is enforced where it matters — in how positions are sized, reviewed and closed.
No leverage at launch.
A written thesis and a defined exit for every position.
Aggregate exposure reviewed by the partners on a fixed cadence.
Performance judged on a risk-adjusted basis, never by headline return.
Judgment compounds where research is allowed to take its time.
Energy, and nuclear in particular.
The deepest research effort concentrates where the firm believes patient, primary work is rewarded. Nuclear power sits at the intersection of energy security, capital intensity and public policy — terrain that changes slowly and is persistently misread.
Sector focus directs research hours. It does not constrain the mandate.
Fund materials, for qualified investors.
Strategy detail, terms and documentation are made available after an access request, reviewed and approved by a partner.
Research first. Risk before return.
A multi-strategy mandate across all liquid markets, built on in-house fundamental and technical research. The mandate is broad; the process that governs it is narrow.
Information gathering
Thesis formation
Position construction
Risk review
Post-mortem
The same five steps, for every position, in every market.
Equities, long and short
Commodities
Fixed income & arbitrage
Currency — forwards and swaps
Capital preservation governs sizing.
No leverage at launch.
A written thesis and a defined exit for every position.
Performance judged risk-adjusted, never by headline return.
Energy, and nuclear in particular.
The deepest research effort concentrates where patient, primary work is rewarded. Sector focus directs research hours; it does not constrain the mandate.
Fund materials, for qualified investors.