The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Manole Capital Management centers its investment strategy on identifying transparent, transaction-based financial technology companies equipped with durable competitive advantages, recurring revenue models, and robust free cash flow generation. Rather than attempting to forecast unpredictable macroeconomic events, interest rate fluctuations, geopolitical developments, or individual market winners, the firm concentrates capital on mission-critical picks-and-shovels financial infrastructure businesses that facilitate market activity regardless of the underlying outcome. Portfolio construction and disciplined position sizing serve as foundational pillars of the investment process, where the manager systematically trims outperforming holdings that outpace underlying fundamentals to harvest gains and reallocates capital into high-conviction positions experiencing temporary market pullbacks. A principal multi-year thematic focus is market exchange operators, which have transitioned from open-outcry trading floors into proprietary data, analytics, and software powerhouses with substantial operating leverage. The manager also highlights the emergence of prediction markets as novel price discovery venues, while continuing to favor established payment and financial networks that integrate modern financial innovations into their existing rails.
Invest in transparent, transaction-based financial technology and market infrastructure businesses with durable competitive advantages, recurring revenues, and strong free cash flow generation.
Manole Capital anticipates that technological developments such as tokenized deposits, stablecoins, digital wallets, and prediction markets will continue reshaping financial operations, but expects existing infrastructure networks to integrate rather than be displaced by these innovations.
As of Sep 1, 2026
Warren Fisher, CFA, CEO and Founder of Manole Capital, brings over two decades of asset management experience, having spent 19 years at Goldman Sachs Asset Management where he specialized in financial and technology service sectors and served as Co-Portfolio Manager for several large and mid-cap growth funds. He graduated with a Bachelor of Science in Accounting from Lehigh University in 1994, later joined Fortress Investments in 2013 to help build Logan Circle's equity franchise, and founded Manole Capital in 2015 to exclusively focus on the FinTech industry. Kurt Winslow serves as COO, overseeing operations, technology, and portfolio analytics, with previous experience managing portfolio construction at Logan Circle Partners and serving as VP at GSAM managing $30 billion in assets.
Manole Capital's investment philosophy centers on long-term business ownership rather than short-term trading, emphasizing the identification of strong, durable franchises with high barriers to entry, competitive moats, market leadership, pricing power, recurring revenues, sustainable business models, strong balance sheets, predictable free cash flow, and skilled management teams. The firm believes in buying great companies at reasonable prices, distinguishing between short-term market fluctuations where equities act as a 'voting machine' driven by sentiment and long-term perspective where markets function as a 'weighing machine' assessing intrinsic worth based on sustained performance and execution.
Lead Portfolio Manager
Neutral / Balanced
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