EQUITY STRATEGY
Opportunities Fund
Ewing Morris applies a private equity mindset to public company investing. The Fund employs a long-term investment orientation and invests in a concentrated portfolio focusing on inefficient areas of the public markets. The Fund targets a 10-15% IRR over time and seeks to preserve capital by avoiding companies that trade at expensive valuations, have significant leverage and/or operate in industries subject to rapid change.
The Fund invests globally, with a bias towards North America, with a primary focus on “Compounders”, companies we believe have the ability to grow earnings per share by 10-15% per year over the long term.
To complement the above approach, we invest in companies where a catalyst, most often improved capital allocation, could unlock shareholder value. We also short sell overpriced securities.
Small Cap Fund
Ewing Morris applies a private equity mindset to public company investing. The Fund employs a long-term investment orientation and invests in a concentrated portfolio focusing on inefficient areas of the public markets. The Fund targets a 10-15% IRR over time and seeks to preserve capital by avoiding companies that trade at expensive valuations, have significant leverage and/or operate in industries subject to rapid change.
The Fund invests globally, with a bias towards North America, with a primary focus on “Compounders”, companies we believe have the ability to grow earnings per share by 10-15% per year over the long term.
To complement the above approach, we invest in companies where a catalyst, most often improved capital allocation, could unlock shareholder value.
Dark Horse Fund
The Dark Horse LP is an investment limited partnership intended for high net worth, institutional and accredited investors. “Dark Horse” is an old handicapping term referring to a horse that is overlooked, unappreciated and mistakenly cast off as another long shot. The true Dark Horse sports long odds while possessing many of the skills and attributes of the favorite. It is the best value in the race. It is the type of wager that those who “know their stuff” and do their research seek. The Dark Horse is the underdog that should not be such and is exactly the sort of investment that we seek for our partners.
Partners Fund
Offensive Playbook – The Offensive Playbook involves investing in units of the Ewing Morris Opportunities Fund LP and the Ewing Morris Small Cap Fund LP which applies a private equity mindset to public company investing. The Funds are geared towards capital preservation and target a net return to LPs of 10% per annum over time, with lower volatility than the broad-based North American equity markets.
Defensive Playbook – The Defensive Playbook is designed to preserve capital for investors through all market environments, particularly during periods of rising interest rates. This is achieved by investing into the Ewing Morris Flexible Fixed Income Fund LP, which has historically had lower volatility and low correlation with general markets and targets 5-7% net returns per annum over time.
Neutral Zone Playbook – The Neutral Zone Playbook is accessed via the Broadview Dark Horse LP, a low net exposure North American long-short fund focused on small cap companies. The strategy is capital structure agnostic and seeks “equity-like” returns. The investment approach is to look for structural, nuanced or temporal inefficiencies, conduct deep research and pursue company involvement as a back-up plan. Investment opportunities are reviewed through a private market value lens
CREDIT STRATEGY
Flexible Fixed Income Fund
The objective of the Fund is to preserve capital for investors through a variety of market environments and achieve 5-7% stable net returns with lower price volatility compared to equity markets. The Fund is unique in its focus on the high yield bond market, utilization of low levels of leverage, and controlling risk though hedging individual bond holdings by shorting the equity of the same company.
SPECIAL SITUATIONS
Co-Investment: SPV Strategy
Our co-investment vehicles are “private equity” like structures which enable us to enhance our fund investment in a single name where we seek to deploy an active engagement strategy. The stability of capital coupled with increased ownership bolster our ability to influence both management and boards. The purpose of active engagement is to unlock value through constructive dialogue with the company to deploy potential financial strategies and/or enhance governance practices that create value for all shareholders.
REAL ASSETS
Real Estate Opportunities
Ewing Morris & Co. Investment Partners Ltd. and Patoma Inc. have a joint-venture (“Patoma-EM”) to invest directly in niche, multi-family real-estate opportunities in greater New York City. Both Ewing Morris and Patoma will continue to operate their respective businesses independently, while partnering to leverage their particular strengths. Ewing Morris and Patoma both employ a non-conventional approach to investing in the areas of public equities, credit and niche real estate.