Portfolio
Six sectors.
One standard.
Every position in the portfolio passes the same test: a business of enduring fundamentals, operators worth backing, and a thesis that justifies long-term ownership.
Beauty
Premium and prestige consumer brands with distinctive identity, strong product, and a clear point of view. The firm invests in beauty businesses building durable franchises — not lines built on marketing spend alone.
Energy
Traditional and transitional energy assets with durable cash generation. The firm invests where fundamentals are real and the market is mispricing the cycle — not where the headlines are loudest.
Manufacturing
Specialty industrial businesses with technical moats and customer relationships measured in decades. Unflashy categories that produce durable cash flow and reward disciplined ownership.
Real Estate
Selective positions in specialty real estate — assets with durable fundamentals, defensible locations, and operators capable of compounding value over time. The firm invests for ownership rather than yield.
Specialty Insurance
Niche insurance businesses where underwriting discipline, sector expertise, and durable customer relationships generate strong returns on equity. A category that rewards careful evaluation, which is part of why the firm is drawn to it.
Technology
Selective positions in software, hardware, and infrastructure. The firm invests in technology companies built to last, with durable economics and operators who measure success in decades rather than funding rounds.
