Massif Capital employs a long/short equity strategy focused on global opportunities in listed real assets, principally mining, energy, and infrastructure. The firm runs separately managed accounts and is liquid, tax efficient and uncorrelated to major indices. Our strategy is informed by value investing principles and Austrian economics with a focus on the preservation of our investors capital via a combination of security selection and tail risk hedging.

We consider our investors to be our partners, not our clients or our customers. They are not simply the beneficiaries of our market insight, they are crucial participants in the investing process. We want our partners to think of us as accessible and professional. Not only are ego and attitude liabilities in investment analysis but they are traits that put the essential trust between fund manager and investing partners at risk.


Our approach to investing and how we run our business is guided by principles and our promise to always conduct "first class business, in a first class way."


What is "first-class business in a first-class way"?

I should state that at all times the idea of doing only first class business, and that in a first-class way, has been before our minds.
— J.P. Morgan, Jr.

In 1933, before the US Senate Committee on Banking and Currency, J.P.Morgan, Jr. gave testimony that set forth some of the best thinking available on how to go about ones work in the right way. At Massif Capital we try to embody some of the ideas J.P. Morgan, Jr espoused, chief among them that:

  • Reputation depends at all times on how we conduct ourselves and it is the foundation of our partners confidence in us.

  • Our reputation is hard earned, dear, and quickly lost.

  • Although we may make mistakes and errors (hopefully very few of them), they must always be mistakes and errors of judgment, never of principle.

  • Integrity must be synonymous with our firm in the mind of our partners.

Please take the time to read the full transcript of J.P Morgan, Jr's testimony before the senate sub-committee →

Although J.P Morgan, Jr's comments cover it all, we recognize we are a bit old fashioned. In our minds, good character is more trustworthy than well-intentioned rules, but people seem to want well-intentioned rules.  With that in mind Massif Capital has adopted the CFA Institute Asset Manager Code of Professional Conduct as our own. The link below will take you to copy of that code:

CFA Institute Asset manager Code of Professional Conduct




Tear sheet available upon request.

Pitch Deck


Due diligence material available upon request.

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