Etalon Partners is a long-only, unleveraged equity investment fund. The fund is focused on the US public equity market but has a broad geographical mandate. The fund aims to achieve attractive risk-adjusted returns by managing a diversified portfolio of value equities, with an emphasis on event-driven situations


The fund manager believes that excellent investment returns could be achieved through the fusion of two approaches: value investing and an opportunistic focus on significant corporate events. After many years of focus on event-driven situations, and as a natural further evolution, the fund manager developed his own investment philosophy that proposes to integrate ideas from literature and narrative mode of thinking into investment research and management process. Investment philosophy of the fund is therefore an integration of these three perspectives.


In the event-driven space, the fund focuses on a broad range of corporate events. Merger arbitrage is deliberately excluded. Corporate events of focus include, among others:


– Spin-offs
– M&A situations
– Activist investor campaigns
– Asset or business segment sales
– IPOs of companies with meaningful operating history (which were owned by private equity, for example)
– SPACs (special purpose acquisition corporations)
– Share buybacks and tender offers
– Operational or capital structure reforms
– Other significant transactions


In making its investments, the fund emphasizes value investing principles:


– Investment in stocks as partial ownership of a business

– Bottom-up, fundamental valuation of securities

– Insistence on margin of safety

– Long-term investment perspective

– Patience


Portfolio manager integrates ideas from literature into investment research and management process:


– Looks at companies and stocks as stories

– Best investments are just like good stories or movies: with three part structure, important turning points, intrigue, drama, and surprises

– Provides dynamic, not only static perspective

– Adds required “art” part to investing equation: imagination, structure, narrative, surprises, characters

– Narrative mode of thinking complements analytical one

Disclaimer: Information above and elsewhere on this website constitutes general information regarding the activity of company and the partnership. Investment in partnership is only by private offer and at the absolute and exclusive discretion of the general partner. Rights in partnership are not offered and will not be offered to the public. Investment in partnership is in accordance with the conditions of the partnership agreement to be signed between the general partner and the investor, and entails risks as specified in the partnership agreements, as well as additional risks resulting from exposure to securities. The foregoing does not constitute investment advice/marketing, and is not a substitute for investment advice/marketing and/or tax advice provided by those authorized to do so, in consideration of each person’s unique circumstances and needs. Publication of this information does not constitute an offer to the public to invest in a partnership. All information and content on this site is provided as is, with no liability or representation of any kind, explicit or implicit.