DeltaX Conviction™︎
A concentrated, actively managed strategy for long-term growth. Built around original research, deliberate decisions, and the patience to hold a considered view.
Inside a Conviction portfolio.
Illustrative mix. Holdings and weights may change.
Every position
has a thesis.
Know the business.
Study its economics, competitive position, management, and valuation. Original research should explain both the opportunity and the ways the thesis could fail.
Make each position matter.
A concentrated portfolio puts meaningful capital behind a focused set of ideas. Position size reflects our judgment about the opportunity and the risk it adds to the portfolio.
Give the thesis time.
We invest through years and market cycles. A price move alone does not settle the investment case. Patience matters when the business continues to support the thesis.
Keep doing the work.
Research continues after a purchase. We revisit assumptions, respond when the facts change, and can hold cash when attractive opportunities are scarce.
Original research.
Understand the company deeply, including management and the forces shaping its future.
Deliberate risk.
Consider what could go wrong before deciding what the opportunity is worth.
Active judgment.
Hold, adjust, or move on as the thesis and the evidence warrant.
A few practical questions.
What does concentrated mean?
Capital is committed to a focused set of investment ideas. Individual positions can have a meaningful effect on the portfolio’s results.
Does patience mean doing nothing?
No. We continue researching and evaluating positions. Holding a business can be an active decision when the thesis remains intact.
Why might the portfolio hold cash?
We are willing to wait when opportunities do not justify the risk. Cash can be a deliberate choice while we continue the research.
Start with what matters to you.
We will talk through your priorities, explain Conviction, and consider whether the approach fits.