Conviction list
The Conviction List is the core of our research service. It is built on our Active Value philosophy: not passive value investing, and not traditional activism, but a disciplined approach to finding companies where the market’s expectations diverge from fundamentals—and then taking an active role in closing that gap. Every new case and research report is first made available to Premium members, who get full access to initiation reports, updates, and portfolio moves in real time. After a time embargo, select cases are published more broadly to all subscribers. We categorize holdings into two types:
Core positions (5–20%): Our highest-conviction cases, often backed by catalysts or opportunities to support value creation actively.
Starter positions (2–5%): Initial allocations where we see clear mispricing but want more proof points before building a larger stake.
This structure ensures we act decisively when conviction is highest, while still capturing opportunities that can grow into larger positions over time.
