Investments
Our Investment Philosophy
We follow an unconstrained, research-driven approach with no limits on asset class, geography, or market cap. Our philosophy centers on identifying mispriced assets through deep fundamental research and constructing a high-conviction, concentrated portfolio with targeted factor risk management.
Fundamental Equity
Conduct fundamental research on companies and sectors following traditional value investing principles. Identify mispriced securities through financial analysis, competitive positioning, and long-term value creation across public equities.
Systematic Trading
Build investment processes that are systematically driven and focused on a variety of asset classes. Pursue quantitative strategies with emphasis on prediction markets and systematic opportunities across less efficient market segments.
Our Research
PHINIA: Buy Thesis
Buy with a 12-month target of $70-74 (~25% ↑). Market values PHINIA as pure OEM despite 70% of operating income from higher-margin Aftermarket; OBBBA extends ICE lifecycle while India E20 and EU hydrogen transitions create near-term tailwinds.
Carlos Vasconcelos, Ethan Hudgins, Gaveesh Kapoor, Ian Khemlani, Matthew Goetting
aTyr Pharma: Short Thesis
Short to net cash (~$0.85/sh). Phase II data for efzofitimod was weak and selectively framed; with a novel, unproven target and a tough indication, Phase III is likely to disappoint, setting up a re-rate toward cash.
Abhiram Tallapragada, Andrew Lansford, Landon Nickel, Teo Lechaczynski
Anterix:
Buy Thesis
Buy with a 12-month target of $50.99 (~89% ↑). Underpriced 900 MHz spectrum and a growing utility pipeline drive the case; new CEO incentives and potential 5×5 approval add upside while current pricing assumes minimal conversion.
Abhiram Tallapragada, Andrew Lansford, Landon Nickel, Teo Lechaczynski
Schlumberger NV: Buy Thesis
Buy with a 12-month target of $63.22 (~63% ↑). ChampionX acquisition mispriced with $429M revenue and $375M cost synergies underappreciated; Petrobras partnership unlocks $3.1B Brazilian contracts while new energy revenues aren't reflected in estimates.
Carlos Vasconcelos, Gaveesh Kapoor, Landon Nickel, Teo Lechaczynski
TransMedics: Buy Thesis
Buy with an 18–24 month target of $134.46 (~93% ↑). OCS + the National OCS Program are expanding usable organs and share; flight and DCD trends point to Q4/Q1 beats while short-seller claims look thin.
Andrew Lansford, Carlos Vasconcelos, Gaveesh Kapoor, Landon Nickel
