Experienced, fundamentally-oriented research teams, complemented by differentiated risk management — the people behind the growth of capital.
The arithmetic looks simple — a team of n people holds n(n−1)/2 lines of communication. The cost is not abstract: research on fund organizations finds that information degrades at every hand‑off, and performance hurdles arise as organizations grow. Our teams are tight‑knit by design — close enough to the companies to meticulously analyze change, and close enough to the portfolios to act on it quickly.
The analyst who did the work argues the position directly — nothing is lost in transmission.
We keep observation and decision in the same seat — insights remain actionable, PMs remain investors.
On organizational scale and the use of soft information in investing: Stein (2002), Journal of Finance; Chen, Hong, Huang & Kubik (2004), American Economic Review. On observed team sizes in fund management — most funds list five or fewer managers — Patel & Sarkissian (2017), Journal of Financial and Quantitative Analysis.