VALUE: After Hours (S08 E07): Building a Dominant Long-Only Fund in a Distorted Market

During their recent episode, Taylor, Carlisle, and Jonathan Tepper discussed Building a Dominant Long-Only Fund in a Distorted Market. Here’s an excerpt from the episode:

[Jonathon] Certainly. So we launched in 2020. We’ve been going for about six years now.

We are 580 million assets under management. The philosophy and the investment style is very simple. We’re a long only fund, but we have an absolute return orientation.

We try to buy quality companies and we try to buy them at a discount to their intrinsic value. And we do deep analysis into companies and industries. We’re trying to buy dominant companies, so companies that have a high market share.

It’s not necessarily done so via mergers and regulatory barriers, but ones where we think that the delivery of the product dictates few players. And we’re trying to make sure that we’re finding companies that have a high free cash flow yield where that cash flow can come back to us, whether dividends or buying back their shares if they’re undervalued.

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