What we do.

At the centre of the house is its own book. The firm commits capital to a small number of high-conviction positions and direct participations across our focus sectors, sized by conviction rather than market capitalisation and held with patience. The book is hedged deliberately, against the risks we can identify but cannot control.

• ◆Equities and direct participations
• ◆Hedged against identifiable risk
• ◆Held with patience

The firm trades commodities and goods for its own book and, where it makes sense, holds them physically: the metals, materials and energy the digital build-out depends on, and the supply constraints that shape them.

• ◆Physical holding and trading
• ◆Critical materials and energy
• ◆Informed by our own research

The firm builds its own AI and analytical models for forecasting, alongside engineering and market research. They sharpen the firm's decisions first. For a small, selected group, some of this research is also made available, as research and tools rather than advice.

• ◆Proprietary AI and analytical models
• ◆Used on our own book first
• ◆Selected research for a chosen few

Beyond traded positions, the firm holds a small number of long-term assets of its own, and occasionally backs a project it knows well. These are kept for the long term, not for sale.

• ◆Long-term holdings of its own
• ◆The occasional project we know well
• ◆Held over long horizons