Tourbillon Investment Management Ltd. has announced the availability of their concentrated global equity fund to qualified US Investors. The fund, led by experienced investors Ben Beneche and Ramesh Narayanaswamy, invests in 15 to 25 durable, high-quality companies globally which they believe are priced to deliver superior absolute returns over the long-term.
Beneche and Narayanaswamy share a common value investing philosophy, focusing on first-principles thinking to identify high-quality businesses through the lens of three ‘deep truths’: symbiotic loops, fulcrum assets, and outlier management. Their emphasis is on identifying businesses that can endure over decades, prioritizing absolute returns, management alignment, and valuing companies on distributable cashflows or ‘owner earnings’.
While many asset managers are focused on relative performance based on short-term earnings beats and misses, Tourbillon invests with a 5-10 year horizon, prioritizing absolute returns. The firm’s unique approach has resulted in a distinctive collection of unique companies in its portfolio, with a focus on companies outside the US, particularly in smaller companies based in the UK and Japan.
Beneche and Narayanaswamy, co-founders and Portfolio Managers, bring extensive yet complementary experience in asset management. Beneche was a senior portfolio manager and co-lead of international equities at Pictet Asset Management, while Narayanaswamy previously served as partner and portfolio manager at Veritas Asset Manager LLP. They both share a commitment to putting the client first and investing in companies that share their long-term orientation, while also pledging to donate a portion of their profits to charity.
Tourbillon Investment Management is a long-only public equity fund investing in 15 to 25 businesses globally using a fundamental, value-oriented approach. The firm aims to deliver superior absolute returns over the long term without taking undue risk, and is designed to deliver strong risk-adjusted returns with significant variance from market averages.
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