KHROM CAPITAL PDF

Prentice Capital Management was up 6. Q1 hedge fund letters, conferences and more Gross and net exposures In his first-quarter letter to […]. One of the top value funds we know of, had another great year. Our investment process is to study businesses intimately to understand the earnings they might produce over their lifetimes. It is not to look at what our return could be if we sold a certain business in a year or three years.

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Prentice Capital Management was up 6. Q1 hedge fund letters, conferences and more Gross and net exposures In his first-quarter letter to […].

One of the top value funds we know of, had another great year. Our investment process is to study businesses intimately to understand the earnings they might produce over their lifetimes. It is not to look at what our return could be if we sold a certain business in a year or three years.

Our niche is to assess what our return could be if we never sold a particular business. This is a focus we like because few people look at stocks this way. Trying to assess the range of earnings a business could produce over its life—and then basing valuation just on that—is a methodology that is rarely taught.

Even if it were widely taught, most investment funds would have difficulty practicing it because of their asset-liability mismatch. Should they try, their investments assets could take longer to work out than their LP capital base liabilities is willing or able to wait. Thanks to our Limited Partners, we do not suffer from such a duration mismatch. Not only do we have a structural advantage because of our lockup, but our ability to think long-term is further enhanced because our investors are a self-selecting group.

Since we do not market Khrom Capital, we did not have to persuade Limited Partners of our philosophy; investing without regard for market turbulence was something they believed in before they called us.

We believe we have built a capital base that is calm in the face of stock price volatility. Over the seven years that Khrom Capital has existed, not once has a Limited Partner judged us on our short-term performance. This creates a virtuous cycle where we gain confidence in thinking longer-term, which helps improve our performance, which creates greater trust with our Limited Partners, which gives us greater freedom to think longer-term, and so on.

Not only does our edge compound slightly as we improve the ever-expandable skill of predicting the lifetime earnings of a business, but it also compounds as we create a capital base that enables us to do so. As with our stocks, we like to look at the lifetime value of our relationships with Limited Partners. This is not merely touchy-feely stuff. This has economic value. As you allow us to think longer-term, we can in turn focus on a time horizon few others are interested in.

We think there is relatively less competition trying to predict what we choose to predict. In the years ahead, we will strive to capitalize on the duration gap that plagues the investment industry, expecting it will continue to lead to above average returns on your capital and our own. Thank you for allowing us to do what we do. We are excited to welcome Vikram Vish to the Khrom Capital team.

After graduating in , Vikram worked as an analyst in the Investment Banking division at Goldman Sachs. There, he was responsible for making investments across the healthcare sector. Vikram joined Khrom Capital in August We were not looking to add anyone to our team, but by patiently waiting for serendipity like a lot of our investments , Vikram was introduced to me and it was immediately apparent how in-tune he was with our investment philosophy.

In the short time since joining our firm, Vikram has proven himself to be very diligent with his work, in-depth with his research, and astute in assessing the unit economics of a business while also thinking holistically about an industry.

Especially important to us, he has the temperament to be patient and think far into the future. The only downside to Vikram is that he consistently makes me look like I am leaving the office too early. We remain as optimistic about our long-term future today as when we started in As it has been since inception, virtually my entire net worth is invested in the Partnership as I aim to compound my wealth alongside yours. As always, if you ever wish to discuss our current investments, please feel free to call me.

I look forward to writing to you again in the summer. Log in to leave a comment. Now you can learn from Charlie firsthand via this incredible ebook and over a dozen other famous investor studies by signing up below:. ValueWalkPremium is a website and newsletter for smart investors like yourself. We focus on the latest hedge fund industry news much of which is not in the public domain and obtained via our sources. We also have 10 years of resources on how to use this information to better your investment process.

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Khrom Capital has an impressive record of achieving market-beating performance. Since its inception in , the firm has achieved a gross average annual return for investors of After fees, the average performance is The small-cap focused hedge fund has been closed to investors for several years. After adding Eric and his team run a value-focused strategy, searching for the most undervalued equities on the market with the most impressive cash flow metrics.

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