Concentrated · Long Only· Public Equities
JPOwner-OperatorsFund
Conviction in Alignment
Underwriting Exceptional Opportunities where Insiders have Skin in the Game
Investment Strategy
Owner-Operators.
Strict Criteria.
Value Investing.
The fund follows a value investing approach designed to ignore the noise of the stock markets and own businesses for the long term, exclusively backing owner-operators in only the rarest opportunities passing a strict triple filter.
We consider a business owner-operated when (1) people involved in its management and control have invested meaningful portions of their wealth and reputations in the company for the long term, and (2) they exert sufficient influence to block interference from parties who are not aligned with long-term value creation.
We concentrate our bets on compelling opportunities requiring a rare coinciding of three qualities: (1) competitively superior businesses run by exceptional managers, (2) asymmetric upside derived from long-term opportunities for growth, and (3) profound market inefficiency resulting in significant undervaluation.
We adopt a business owner mentality as investors in a highly concentrated portfolio of 6-12 companies held for the long-term. We define risk as the likelihood of permanent capital loss, not share price volatility or tracking error.
Our Focus
Why Focus Solely on Owner-Operators?
Stock markets can offer great bargains but ownership is often short-term, passive/disinterested, or otherwise misaligned.
Owner-operators tend to invest and strategise for the long-term, aligning their actions and conviction with our desire to own competitively superior businesses that can grow indefinitely.
History
Our History
John Putzfeld, long-time investor and former options trader, founded the JP Owner-Operators Fund in 2025 to focus exclusively on exceptional long-term investment opportunities underwritten by aligned managers and shareholders with real skin in the game. It is our view that the erratic boom-bust behaviour of stock prices offers the chance to buy into great companies at prices which private markets would never offer.
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