Alternative Investment Fund
First Seagull
Searching for investments where it’s safe and wise to non-diversify
Key Investment principles
Seeking situations others avoid
Mispricing tends to arise when businesses face potentially structural challenges and there are indiscriminate selling. These situations require a strong and independent mindset to be able to uncover truly valuable and differentiated insights and go against the crowd.
Research heavy approach
We aim to develop an unmatched understanding of the main value drivers and risk factors of an investment case. Deploying a systematic and focused investment process, supported by deep primary research and checklists to mitigate the influence from behavioral and analytical biases.
Demanding a margin-of-safety
We will only invest when the available market price relative to the company’s fundamental value or its hidden assets provide us with a sufficient buffer against unknown factors and events – thereby limiting our downside on a longer-term investment horizon.
Nimble and perfect alignment
The fund size is capped and there are no mgmt fee. Carry is earned over three-year periods, during which the fund is closed. The structure, together with a flexible mandate and a fully invested Fund Manager, ensures a singular focus on delivering long-term compounding for investors.