Built to manage one fund well.

SBN Capital Management exists to manage a single investment strategy with a long-term focus. The firm has been structured to keep responsibilities clear, oversight independent and the interests of investors aligned.

Separation of responsibilities

Investment decisions remain the responsibility of the investment manager, while custody, administration, valuation and audit are carried out independently. The firm does not hold investor assets, does not value its own portfolio, and does not calculate its own performance. Investors receive their statements from the administrator.

• Capacity is limited on purpose

  Capacity matters in a concentrated strategy. We intend to limit the size of the fund if additional capital would reduce the opportunity set or require us to change the way we invest.

Alignment

The principals of SBN Capital invest alongside the fund's investors. This alignment is deliberate: investment decisions affect our capital as well as theirs.

We communicate with investors in writing about the portfolio, our reasoning and material changes to the investment case. Mistakes are discussed with the same openness as successes.