“Price is what you pay. Value is what you get"
Manole Capital Management
Manole Capital was started in February 2015 by Warren Fisher, CFA. Based in Tampa, FL, Manole manages several concentrated, US equity portfolios. Over the course of his career, Warren Fisher has developed a unique investment philosophy. This investment style is built off of over 20 years of experience at Goldman Sachs Asset Management and Fortress Investments, specifically covering the Financial and Technology sectors.
Our passion is to conduct bottoms up, fundamental research and to build world class portfolios. We seek to achieve long-term investment returns by identifying superior, growing businesses. One of our key tenants is that the equity markets offers premium return potential that can be captured through proprietary, in-depth fundamental research and security selection. At its most basic level, we are business buyers and investors, not short-term traders. As an investor, Manole looks at stocks as businesses. We seek to benefit from the cash that business distributes and the benefit to its ultimate value. We focus on strong, durable franchise businesses with identifiable growth prospects and excellent management teams. Our process seeks to identify growth businesses with certain key attributes. These characteristics are high barriers to entry, market share leadership, pricing power or flexibility, recurring revenues and predictable free cash flow. High quality businesses are attractive because their intrinsic value tends to grow steadily over time and they are often not dependent on the capital markets to fund future endeavors. We have found that investing in these types of companies, with solid, durable competitive advantages, can lead to outperformance.
Manole’s expertise is on the emerging Fin Tech industry and its portfolios concentrate its holdings. The portfolio is available as a long-only, as well as a long/short separate account. These concentrated portfolios are an attempt to focus our client’s capital on our best ideas. We have found that a portfolio approaching a 100 plus holdings loses the benefit of active management. Manole constantly reviews its portfolios to determine if holdings are getting stronger or weaker. We monitor growth rate expectations, to ensure these positions are performing as expected. Although we intend to own investments for the long term, we will not hesitate to sell a position. Reasons for a sale can vary. An investment may have appreciated above our assessment of fair market value. We may also sell a holding if we disagree with management decisions. Lastly, we analyze how a company is handling competitive threats and if there are emerging competitors. These are just a few examples of how a position may exit one of our portfolios.
Manole offers its services to institutional clients, family offices and individual clients. Manole seeks to provide investment decisions that are made in accordance with the fiduciary duties owed to its accounts and without consideration of Manole’s economic, investment or other financial interests. To meet its fiduciary obligations, Manole attempts to avoid, among other things, investment or trading practices that systematically advantage or disadvantage certain client portfolios, and accordingly, Manole’s policy is to seek fair and equitable allocation of investment opportunities/transactions among its clients to avoid favoring one client over another over time. It is Manole’s policy to allocate investment opportunities and transactions it identifies as being appropriate and prudent, among its clients on a fair and equitable basis.