An independent investment manager focused on global small cap equities. We look for businesses that the market has mispriced; not because the information isn't there, but because human behaviour produces patterns, for those who know where to look.
The Approach
The gap between price and value is rarely an information problem. It is a behavioural one. Understanding why investors make the mistakes they do, and when, is central to how we invest.
Fundamental research is the foundation. We analyse competitive position, management quality, and balance sheet strength, supported by rigorous quantitative analysis, to arrive at a clear, defensible view of intrinsic value.
We run a small number of high-conviction positions. Diversification without understanding is not risk management. It is the illusion of it.
Our Philosophy
The Thesis
In global small and micro-cap markets, prices diverge from intrinsic value not because the information is unavailable, but because most investors struggle to act on it rationally. These markets are under-followed, under-researched, and structurally neglected, which means behavioural mispricings are more likely to persist, and more likely to be exploitable.
Our process is built around that conviction, combining rigorous fundamental and quantitative analysis with a disciplined awareness of the cognitive forces that move prices away from value.
Our Approach
Concentration is a choice. So is patience. We run a small number of high-conviction positions and hold them for as long as the thesis remains intact. We do not attempt to time markets or predict macro outcomes. We simply try to be right about businesses, and give those businesses time to prove it.
On Risk
Being wrong is inevitable. What matters is understanding why, and whether the thesis was flawed or simply early. We distinguish between price risk and fundamental risk. A falling price is not a reason to sell. A broken thesis is.
Insights
The Walker Review explores the behavioural forces that drive markets, shape decisions, and create opportunity. Published monthly.
Quarterly fund updates covering portfolio performance, positioning, and the macro backdrop relevant to our holdings. Published at the close of each quarter.