Strategies / 01
Fundamental positions on both sides of the book.
A concentrated, research-led book of long and short positions in public equities, built from company-level work rather than factor exposure or index construction.
- Market
- Public equities
- Horizon
- 12–36 months
- Construction
- Concentrated, hedged
Our approach
01.101
Bottom-up first
Positions begin with the business — unit economics, capital intensity, incentives, and what the reported numbers do and do not capture. Sector views follow from company work, not the reverse.
02
Shorts as research, not insurance
The short book is underwritten to the same standard as the long book. We short businesses we believe are mispriced, not indices we want to neutralise.
03
Sized to conviction
Position size reflects the strength of the evidence and the cost of being wrong, not the comfort of a benchmark weight.
Process
01.201
Screening
Quantitative and qualitative screens surface candidates where price action and fundamentals have separated.
02
Primary research
Filings, channel work, competitor and customer conversations, and an explicit written thesis with falsifiable claims.
03
Underwriting
A base, upside and downside case, with the specific evidence that would force us to change our minds.
04
Sizing and entry
Initial size set against downside, scaled as the thesis confirms.
05
Monitoring
Quarterly re-underwriting against the original thesis. Drift in the reason we own something is treated as a sell signal.
Risk
01.3Risk is managed where it originates.
Gross and net exposure are managed against the opportunity set rather than a fixed target. Single-name limits, liquidity screens and correlation review sit alongside the fundamental work. The dominant risk in a concentrated book is being wrong on the business, so most of the risk process is research discipline rather than statistical overlay.
Other strategies
Investor access
For qualified investors.
Learn more about long/short equity at Antiphase, our process and access opportunities.