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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Broyhill Asset Management seeks long-term capital compounding by investing in structurally sound, cash-generative businesses at substantial discounts to intrinsic value while prioritizing capital preservation. In the second quarter of 2026, the Broyhill Equity Composite gained 8.8% net of fees, trailing the MSCI ACWI return of 15.1%, and gained 2.3% for the first half against 11.5% for the index. Performance divergence was largely driven by April, when easing geopolitical tensions sparked an aggressive risk-on rally concentrated in semiconductors and speculative technology—areas the fund intentionally avoids due to cyclical boom-and-bust risks. Portfolio returns were propelled by fundamental operational strength in top holdings, including Sotera Health, Middleby, Valvoline, Masco, and IQVIA. Management actively refined the portfolio by deploying capital into mispriced market leaders like Nestlé, ServiceNow, and First Citizens BancShares while swiftly exiting broken theses such as Accenture. The portfolio remains defensively anchored, allocating roughly three-quarters of equity capital across consumer staples, industrials, and healthcare, with 11.1% held in cash and treasuries.
True long-term compounding requires thinking in decades rather than minutes, owning structurally superior businesses built to exit cyclical troughs stronger than they entered.
Broyhill anticipates that businesses which have used the macro downturn to reduce fixed overhead and capture market share will generate superior normalized earnings as economic volumes recover. The managers expect fundamental operational results, corporate separations, and aggressive share buybacks to drive value realization regardless of broader market multiple expansion.
As of Sep 1, 2026
Christopher Pavese, CFA, serves as President and Chief Investment Officer of Broyhill Asset Management, bringing extensive experience in investment management. He joined the Broyhill family office in 2005 and became its President and CIO in 2011, leading the firm's evolution from a family office established nearly 50 years ago to an independent investment manager in 2022. Prior to joining Broyhill, Mr. Pavese worked as a Vice President and Portfolio Manager for The JPMorgan Private Bank, where he managed over $1 billion in discretionary assets for high-net-worth clients, trusts, endowments, and foundations. He is a CFA Charterholder and serves as Vice President of the Board for the CFA Institute's North Carolina Society, demonstrating his commitment to professional excellence and industry leadership. Mr. Pavese holds a BS in Finance from The Pennsylvania State University and has built a reputation for disciplined, value-oriented investing with a focus on long-term capital appreciation.
Quality Value / Growth
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Moderate Conviction Bullish
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