Invest with conviction

 What we do:  

• We focus exclusively on alternative strategies.  Our goal is to advise clients on investment themes, strategies, and managers which target high reward to risk ratios.   We invest with managers that have a track record of consistently adding alpha.  Risk management is critical to our process as we analyze changes in the opportunity set, historical drawdowns versus upside optionality, manager focus/style drift, and misalignment of interest. 

Why we do focus on alternatives?  

• Alternative strategies are more complex, illiquid, utilize leverage, and produce greater dispersion of returns.  We strive to identify asymmetric returns through understanding the often complex opportunity set, sizing the investment within the portfolio, identifying the appropriate structure, and investing our clients' capital with the right team.  Due to today's high valuation of beta assets, we believe that alternatives are the fulcrum investment strategy for clients' portfolios.
 

 What is our edge?

• Bottom line: it is extraordinarily difficult to identify superior investments and managers.  Good managers close capacity, market opportunities are disintermediated, and people change over time and circumstances.  We must constantly reunderwrite our thesis,  always be humble, and appreciate the difference between luck and skill.  We measure our performance against our expectations, try to learn from successes and failures (especially failures), and apply the lessons to future opportunities.  Since 2009, we have been fortunate to invest with some great managers, many of which invest in niche strategies and are capacity constrained.  In addition, a significant portion of our client base consists of sophisticated investors which creates a more knowledgeable and robust ecosystem.  Our edge is the process we have developed our the last 12 years in identifying actionable themes, selecting managers, and investing in asymmetric opportunities.