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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Mar 31, 2026
RM Capital's core philosophy centers on maintaining strict valuation discipline and avoiding the "perfection multiples" of popular compounders in favor of deeply discounted, cash-generative assets. In the first quarter of 2026, the fund fell 16.33%, underperforming the S&P 500's decline of 7.14%. The primary driver of this underperformance was a severe re-rating of SaaS multiples and sector-specific compression, alongside macroeconomic pressures from the US-Iran conflict that spiked energy costs and delayed anticipated interest rate cuts. Additionally, the manager admitted to near-term speculative mistakes that dragged performance down by over 2%. Despite these headwinds, the core portfolio's operational health remains intact. RM Capital is actively leveraging this market dislocation to pivot away from high-multiple tech giants and towards deep-value fintech and asset-backed businesses trading at significant margins of safety, aiming to exploit the widening disconnect between price and intrinsic value.
We do not chase quality at any price; instead, we prioritize strict valuation discipline, targeting cash-generative and asset-backed businesses priced for a 'terminal decline' that fundamentals do not support.
The manager expects to pivot capital into deep-value, cash-generative, and asset-backed fintech businesses that are priced for terminal decline, while selectively scaling core SaaS positions that have dislocated from intrinsic values.
Moderate Conviction Bullish
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