About JP Owner-Operators Fund
Conviction
in Alignment.
A concentrated, long only equities fund investing exclusively in well-run owner-operated businesses that are competitively superior, can grow indefinitely and are profoundly mispriced.
The Fund
A Full Chain
of Alignment.
Our enterprise is founded on common sense principles of business ownership, yet departs markedly from typical investment funds. Likewise, our owner-operators focus is a wilful departure from conventional ownership and governance structures prevailing in stock markets.
These departures reflect a reality that typical flows of capital are distorted by an excess of intermediaries between investors and their money, most of whom have little or no skin in the game. Alignment is the core value of the fund, achieved in a manner and extent that is unique and multi-layered.
At the layer of our investors: many are business owner-operators themselves acting as principals and investing directly. At the layer of the fund: the founder and fund manager has the practical entirety of his net worth in the strategy. And at the layer of our companies: each is under the management or corporate stewardship of people with substantial portions of their assets invested alongside us and substantial influence over corporate affairs.
Core Principles
How we invest
Long-term
We are business owners seeking long-term capital appreciation. Holding shares for many years is cost efficient and transcends the need to predict erratic share prices.
Concentrated
We aim for a portfolio of 6-12 companies - focusing only on best ideas.
No Benchmark
We seek absolute wealth appreciation and our philosophy is not to spend time and effort worrying about share price movements of companies we do not own. Fixating on any single benchmark sets the bar at the wrong level and in the wrong place, encouraging institutional habits we wish to avoid.
Volatility Agnostic
Our definition of risk is the likelihood of permanent capital loss, not share price volatility. As long-term owners volatility reduces our risk by offering greater margins of safety and opportunities for efficient reinvestment of our businesses' cash flows.
Alignment is the core value of the fund, and we achieve it in a manner and extent that is unique and multi-layered.
John Putzfeld, Founder & Fund Manager
John Putzfeld
Founder & Fund Manager
The Founder
Backing great managers
compounding great businesses.
John Putzfeld founded the JP Owner-Operators Fund in 2025 to invest on behalf of others the same way he invests his own capital: concentrated in his highest-conviction ideas, with a long-term horizon and free from institutional constraints.
Previously, he was an equities investor at UBS Global Asset Management, a special situations analyst at Blantyre Capital, and an options trader at Winchmore Capital. His experience spans multiple asset classes and investment styles, providing differentiated complementary perspectives.
John's interest in investing began at age 17 after discovering books on business and accounting. He later founded the Students of Bath Investment Club while at university, and has since spent nearly two decades studying businesses, meeting management teams, and allocating capital.
Across this period—including the Global Financial Crisis and Covid-19—he developed a core belief: that competitively superior businesses, controlled by high quality managers with skin in the game, are best positioned to navigate uncertainty and compound capital over the long run. He also learned that public markets regularly offer the opportunity to invest in such businesses at highly attractive valuations.
Our Style
What you can
expect.
Patience & Extensive Due Diligence: Investments are deeply researched and held for many years as great businesses run by great people tend to grow intrinsic value beyond what is initially foreseeable.
Contrarian Decisions: Profound market inefficiencies provide a robust margin of safety - this means sentiment and prejudices about our companies are often very negative at the time of entry.
Market Volatility: Share prices are inherently volatile and this is a concentrated equity strategy seeking to transcend the short-termism of markets by focusing on long term business value.
Investor Access
Ready to invest with us?
JP Owner-Operators Fund is open to qualified professional investors. Request access to our investor portal to review fund materials, performance data, and subscription documents.