Opportunities

Opportunities’ investable universe includes U.S.-listed companies with a market capitalization of up to $10 billion (with some exceptions). To identify potential candidates, the Investment Team’s Analysts apply both quantitative and qualitative research methods across this universe. This may include filtering for financial metrics that signal business quality, analyzing company filings and earnings transcripts, and engaging with industry participants to gather additional insight.

Once a potential candidate is identified, the Investment Team conducts bottom-up research to assess whether the business has durable competitive advantages, attractive growth characteristics, sound unit economics, and experienced leadership. This review typically includes financial statements, management commentary, and third-party research, and may also involve discussions with company stakeholders and industry professionals to better understand operating trends and long-term viability.

After reviewing a company’s business fundamentals, the team may evaluate its valuation profile. This involves analyzing the company’s long-term prospects, potential risks, and intrinsic value relative to its current market price. The team typically seeks investments where the projected return over a multi-year period meets or exceeds an internally defined threshold, assuming base-case operating outcomes and limited or no multiple expansion.

When a company is added to the Opportunities portfolio, the Investment Team monitors the position alongside other holdings. This includes ongoing evaluation of the investment thesis, company performance, and risk/reward dynamics. Positions are generally conviction-weighted, reviewed periodically, and may be rebalanced when appropriate. Holdings are typically maintained for the long term, unless the original thesis deteriorates or a more attractive opportunity is identified.