Investor Advocacy
When our investment process identifies governance failures, accounting irregularities, or management accountability gaps—and when constructive dialogue alone is not enough—we advocate for investors through every available channel.
Our Philosophy
Constructive by Default
We believe the best outcomes are achieved through collaboration. Every campaign begins with private engagement—a direct, well-researched conversation with management and the board about what we've found and what we believe should change. Most companies, when presented with rigorous analysis and practical recommendations, choose to act. That is our preferred outcome.
Persistent When Required
Not every company responds to private dialogue. When boards dismiss legitimate concerns or fail to act on clear evidence of governance or accounting shortcomings, we escalate—methodically, publicly, and with the full weight of our research behind us. Our campaigns are built on analytical credibility, not volume.
Aligned With All Shareholders
We are significant stakeholders in our portfolio companies. Our advocacy is directed toward outcomes that create durable, long-term value for all shareholders—not short-term financial maneuvering. When we win, every investor in the company benefits.
Our Advocacy Approach
A systematic, research-driven process—from initial identification through value realization.
Our advocacy campaigns are the product of a rigorous, forensic investment process—from initial screening through deep diligence and conviction-building. That process is detailed on our Our Process page. Below is how we execute once the decision to engage has been made.
Engagement
We initiate dialogue with company leadership through written inquiries, meetings, and detailed presentations of our findings and recommendations. Our goal is to resolve issues through cooperation before active advocacy becomes necessary.
Active Advocacy
When constructive dialogue does not produce adequate results, we are prepared to escalate—through shareholder proposals, open letters, regulatory referrals, and direct engagement with the broader investor community.
Proxy Campaigns & Board Representation
In select situations, we may seek board representation to directly influence corporate strategy, governance, and execution. Our campaigns at companies like Fossil Group have demonstrated the impact of having a credible, informed voice in the boardroom.
Resolution & Monitoring
We work to secure governance enhancements through cooperation agreements or support company-led remediation. We monitor implementation through ongoing engagement—including through board representatives, when applicable—and remain involved until the objectives of the campaign are fully realized.
Our Advocacy Impact
A track record built on analytical precision and measurable outcomes.
"The work speaks for itself. When you've identified $20 billion in corporate fraud and the SEC brings charges on the same issues you raised, a company treats your letters as suggestions at its own peril."
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Learn how our approach to active ownership, fundamental research, and corporate engagement drives long-term value creation across market environments.