HOW WE ARE DIFFERENT
SIZE MATTERS...
-
Dark Horse launched in 2018 as a vehicle to capitalize on the inefficiencies created by the growth of mega-billion dollar investment managers.
-
The mega-managers are forced to focus on the largest investment opportunities, creating pricing inefficiencies in smaller opportunities due to the reduced level of competition.
-
Dark Horse proactively seeks to compound value throughout the entire business cycle by focusing on under the radar opportunities in inefficient markets.
WELL-DEFINED RESEARCH PROCESS
-
Proactively identify structural change to highlight investment themes and opportunities.
-
Focus on capitalizing on misunderstood companies subject to such change.
-
Intrinsic value discovery based on levered free cash flow forms the foundation of any investment.
-
The goal is to discover cash on sale.
FLEXIBILITY, SIZE, AND SPEED
-
Target the most asymmetric investment opportunity regardless of the security.
-
Focus on small and mid-cap opportunities that are not followed by larger funds.
-
No bureaucracy - fully researched investment opportunities can be executed quickly.
REPEATABLE SUCCESS
-
Post-mortem evaluation to determine whether success was caused by skill or luck.
-
Why did we win? Why did we lose? Were we right to pass?
-
Understanding the actual drivers of a win or a loss enable the ability to create and continuously optimize a successful investment process.
WIN WITH INTEGRITY AND CLASS
-
Approach every day as a competition.
-
A Dark Horse win is a loss for the counterparty; show class and humility - paths will cross again.