We believe the stock market is inefficient as a result of investor misperceptions and overreactions, and proprietary research can create a knowledge-based advantage to exploit those inefficiencies. Concentrated portfolios tend to outperform broadly diversified portfolios in the long run. We also contend that short selling can broaden the sources of alpha and improve a portfolio’s risk-return characteristics. As a result, we aim to create a research-driven edge and focus on only our best ideas in a long/short style.

We are long/short equity managers. Our investment process begins by developing a top-down, macro viewpoint and concludes with a fundamentally driven, bottom-up stock selection process. Through this approach, we aspire to uncover and allocate capital to the most favorable markets, sectors, and companies available. Our process is not constrained by style-box mandates or a requirement to be fully invested when no better opportunities exist.

We focus our primary research on the S&P 1500, a broad index of stocks of all capitalizations that accounts for over 95% of U.S. market, as well as U.S. listed-ADRs and exchange traded funds. For sub-advised mandates, our investment universe can be customized to meet the specific needs of the fund sponsor.