Value Investment Fund
Own a few exceptional businesses, only at the right price.
Concentrated, research-driven investing in high-quality companies purchased at meaningful discounts to intrinsic value.
“Price is the essential determinant in every investment equation. At some price, every company is a buy; at some price, every company is a hold; and at a still higher price, every company is a sell.”— Stanley Druckenmiller
Fund Performance
As of March 2026 — Net of fees
NAV
$144.75
MTD Return
-5.90%
YTD Return
-49.53%
Since Inception
+44.75%
Disciplined Investment Approach
Investment Philosophy
We believe that every investment decision should be weighed on an opportunity-cost basis using risk-adjusted returns. Purchasing valuable assets at a significant discount to fair value will achieve excess returns over a complete market cycle.
Investment Objectives
- Seek to outperform broad equities over a full market cycle
- Seek to do so with lower overall risk characteristics
Investment objectives are targets and are not guaranteed. Investing involves risk, including the possible loss of principal.
Our Approach is Simple
How We Invest
We concentrate in a small number of deeply researched businesses where we believe the market price is meaningfully below intrinsic value. We buy with a significant margin of safety, size positions by conviction and risk, and hold for years — not months — until fundamentals close the gap.
How We Create an Edge
A broad search funnel narrows to a handful of opportunities where we can explain (1) why it's mispriced, (2) why we understand it better than consensus, and (3) what drives value realization. Discipline on price and patience on time horizon are our primary risk controls.
OWN A FEW EXCEPTIONAL BUSINESSES, ONLY AT THE RIGHT PRICE.
Investment Process
A Rigorous, Repeatable Framework
Selection Criteria
Only opportunities that meet clear eligibility standards proceed to full underwriting.
Research & Due Diligence
Primary sources and independent verification are used to confirm the facts and key risks.
Fair Value Estimation
Intrinsic value is estimated as a range by integrating strategic, qualitative, and financial analysis into scenario-based outcomes.
Buy/Sell Discipline
Position changes are driven by price versus value, thesis integrity, and opportunity cost.
Case Study
EOS Energy Enterprises
From a sub-$200M small-cap opportunity to a multi-billion-dollar company.
They build 15-foot containers filled with batteries and, though still small, are the leaders in American-made BESS (Battery Energy Storage Systems) with strong competitive advantages. As reliability becomes the priced commodity, storage is the mechanism that turns cheap, volatile power into dependable, dispatchable power. EOS sells that outcome as a system.
Where Friction Lives Today
An electricity demand shock is colliding with a grid built for a different world.
- Demand is re-accelerating: AI/data centers, electrification, and re-industrialization are pulling load forward faster than historical planning cycles.
- The bottleneck isn't generation — it's reliability: delivering power where and when it's needed is becoming the scarce commodity.
- Renewables win the buildout — storage wins reliability: solar/wind are increasingly the cheapest "fuel," and Battery Energy Storage (BESS) is what converts cheap electrons into dependable power.
Company Edge
First-Principled Approach
Zinc-based architecture using earth-abundant materials, designed to be lower cost and operationally simpler.
Manufacturability
EOS has crossed the "Valley of Death" from prototype to commercial production — where most entrants fail.
Sovereignty
With >95% of BESS historically sourced from China, buyers are shifting toward domestic solutions. EOS positioned early (since 2017) and leads the fully domestic segment with +92% domestic content.
Team
Industrial scale-ups are won by execution. EOS's leadership has repeatedly exceeded expectations with disciplined delivery, rapid iteration, and relentless focus on throughput and cost-reduction.
Conviction Built Early, Validated Over Time
We initiated our position in early 2023. EOS became our largest holding and main source of past investment returns. As execution proved out, the company re-rated from an overlooked sub-$200M story into a multi-billion-dollar leader — while we still believe broad awareness remains early.
Stock Price (US$)
Illustrative only. Past performance is not indicative of future results.