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Welcome to Massif Capital


A private investment partnership focused on finding value in listed real assets and under appreciated industries

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Welcome to Massif Capital


A private investment partnership focused on finding value in listed real assets and under appreciated industries

“Climb if you will, but remember that courage and strength are nought without prudence, and that a momentary negligence may destroy the happiness of a lifetime. Do nothing in haste; look well to each step; and from the beginning think what may be the end.”

Scrambles Amongst the Alps by Edward Whymper

 

A big mountain climber lays siege to a mountain defensively, taking the summit and putting it all on the line when the odds of success are best.  The ability to execute a climb relies on contextualizing thousands of seemingly unrelated variables: weather, snow conditions, the mental fortitude of the team, all of which come together in what people perceive as the climbers innate ability.  In reality, it is the result of a process, patience, and experience.

Massif Capital is an asset manager with an investment process that parallels Edward Whymper's statement about climbing presented above. We invest with caution and conviction, and every decision we make is the result of prudence and calculation. Our goal is good absolute returns, but only after accounting for risk, and prioritizing the preservation of capital.

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Our Approach& Investment Focus


Historically Informed and Value Conscious

Our Approach& Investment Focus


Historically Informed and Value Conscious

Our Approach

The foundation of a successful investment is capitalizing on the market's mispricing of risk or incorrect discounting of future value.  This requires us to be historically informed and intelligently contrarian: learning things others don’t and understanding things as they are rather than as they are believed to be.

Although we are fundamentally bottom up value investors, we do not simply look for investments with lower-than-average price-to-book or price-to-earnings ratios and/or high dividend yields. Any suggestion that such a framework defines value investing is a mischaracterization. 

Our approach requires discipline, focus, and conviction. The discipline to only buy at a discount to intrinsic value, the focus to understand an industry and business deeply, and the conviction to hold an investment through market cycles, averaging down when the price trends lower.

 

 

Our Investment Focus

Our emphasis on risk management and absolute returns means our industry knowledge limits our investment focus.  As such, our investable universe is companies operating within the Basic Materials, Energy and Power and Industrial Industries, as well as associated service companies. Furthermore, as our goal is always to understand the businesses we invest in as well as the management teams that run them, we maintain a concentrated portfolio that is ideally between 10 to 12 long positions and 6 to 8 short positions. Our approach remains scaleable by putting a market cap minimum of $200 million on all portfolio companies.

Given our backgrounds in political risk and experience working overseas in emerging and developing economies, we are always looking to expand our investable universe via the addition of new markets, but not new industries.  We maintain an extensive network of industry contacts that are not easily duplicated and yield unique insight. At the same time, our past work overseas, academic study and relationships within US defense and diplomacy facilitate an accelerated understanding of new foreign markets.

The result of this unique combination is a growing investable universe of 2,491 companies, operating in 3 primary industries, 28 sub-industries, with a total market capitalization of $14.5 trillion, and trading in 24 countries.

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