DOCUMENTATION REVIEW
- Presentations, DDQ, Investor Letters
- Offering Memorandum and Subscription Documents
- Detailed Biographies
- News and Press
- Transparency Reports
ORGANIZATIONAL EVALUATION
- Track Record
- Decision-Making Process
- Conflict Resolution
- Incentive vs. Discretionary Compensation
- Principal Capital Investment
- Alignment of Interests
Trading Discipline
- Entry/Exit Timing
- Authority
- Sizing Controls
- Position Return Targets
- Tax Efficiency
Risk Management
- Leverage
- Exposures
- Hedging Techniques
- Position Limits
- Concentration in Industry, Sector, Geography, and Currency
Investment Strategy Analysis
- Identifiable Edge
- Style Integrity
- Consistency
- Inherent Strategy Risks
- Reliance on Outside Research
Security Selection
- Sourcing & Idea Generation
- Security Due Diligence
- Thematic Expression
- Research Review & Critique
- Portfolio Construction
- Risk Analysis & Review