A concentrated long-only US equity fund seeking monopoly-like businesses with high ROE, strong margins, and sustainable long-term growth. 18% net IRR since 2019 inception, outperforming the S&P 500 by 3 percentage points annually.
We invest only in businesses with return on equity exceeding 50%, operating margins above 50%, and long growth runways ahead of them. Positive, sustainable cash flow proves business model viability and provides fuel for reinvestment. High ROE demonstrates capital efficiency. Pricing power reflects genuine competitive moats.
Only a small fraction of companies — roughly 1% globally — meet our standards. We avoid sub-50% margin and low-ROE businesses entirely. We concentrate in 8–12 positions and hold with conviction through full market cycles.
In a world of trillion-dollar deficits and persistent inflation risk, our defense is simple: own scarce assets and companies with strong pricing power and durable market positions.
We believe concentrated portfolios of high-conviction positions in exceptional businesses deliver superior risk-adjusted returns over a 5+ year horizon. Short-term market movements are unpredictable. The quality of the underlying business — its ROE, margins, moat, and management — is what compounds over time.
Representative current and recent positions. Holdings may change without notice.
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Free trade, inflation, and the philosophy guiding our portfolio construction. FICO re-entry thesis, EchoStar/SpaceX catalyst, and the case for scarce assets in an inflationary world.
Deep dives on Tesla’s full self-driving optionality, the SpaceX SPV investment thesis, Bitcoin as a scarce monetary base layer, and Opendoor as early-days Amazon.
Columbia Heights maintains low correlation to the S&P 500 — a portfolio construction feature that reflects our concentrated, non-index approach and global mandate.