Equities

Alpha Through Elimination Alpha emerges through consistent exclusion. We eliminate errors rather than chasing stories. The investment universe is systematically reduced. The key is to distinguish between companies that tie up capital and those that compound it over time. What matters is not profitability alone, but the quality of capital allocation. A business model that … When the Market Prices Narrative Instead of Reality

The fund has shifted to a more defensive strategy, with 65% in new investments and many holdings at trough earnings. With up to 80% upside and improving earnings trends, it is entering a new outperformance cycle.