Asheville Capital is a North Carolina-based registered investment advisor that manages capital for accredited investors and institutions. The firm manages a concentrated portfolio of global public equities on behalf of accredited investors. As of the 2024 interim letter, the portfolio consists of nine small and mid-cap companies across Japan, Europe, Australia, and China, focusing on industries with strong secular tailwinds. The portfolio includes notable exposures in consumer discretionary, staples, healthcare, advertising, and technology sectors. Investments are focused internationally across Japan, Europe, Australia, and China to capitalize on lower valuations and secular growth opportunities. The firm acknowledges that in any twelve-month period going forward, they are likely to experience severe bouts of volatility and will experience volatility at a greater rate than that of public equity indices. Of the 25 months since the inception of the Asheville Capital portfolio, only five of these months have returned less than ±1%, while fourteen have seen a ±5% return or greater. The firm's approach involves adding to positions when prices are attractive and theses remain intact. They express commitment to faithfully managing the assets that investors have entrusted to them.

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Asheville Capital is singularly focused on investing in world-class businesses before they are broadly appreciated as such. They define a world-class business as one that demonstrates qualitative exceptionalism that is superior on a global stage. Their objective is to compound their partners' capital at rates of return that consistently outperform market indices. This conviction is only achieved after diligently researching the company's opportunities to increase intrinsic value per share and becoming comfortable with the associated risks. The firm invests in public equities globally across various industries and market capitalizations, focusing on companies with the highest asymmetric return potential. Their investment decisions are driven by a differentiated opinion about a company's long-term prospects, gained through diligent research. The portfolio is intentionally volatile due to its concentration and focus on undervalued small and mid-cap international companies. The firm focuses on investing internationally to capitalize on lower valuations (international discount) and secular growth opportunities delayed compared to the U.S., along with less capital competition enabling superior growth economics. They prioritize capital preservation by selecting businesses with conservative pricing, owner-oriented management, dominant market shares, and strong cash flow.

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