We combine proprietary machine intelligence and deep analytical rigour in pursuit of a simple mission: To help clients identify mispriced equities and to produce detailed fundamental research explaining the nature of that mispricing.


Our analysts have a mandate to identify mispricings in the market, wherever they may be. We reject the sector coverage model because it restricts the ability of analysts to find the most interesting ideas. Our focus lies on the Pan-European small and mid-cap universe as the shift from active to passive and new regulation is creating more information inefficiency than ever before. Analyst numbers are falling and where coverage does exist, the research is usually driven by corporate advisory relationships.

Generating alpha consistently requires us to engage in "Second-level thinking". Our analysts combine detailed valuation work, forensic accounting and investigative work. Every idea must go far beyond what is commonly known or understood by the market. We are fiercely independent and deliberately eschew “maintenance research”.

"The whole trick of the game is to have a few times when you know that something is better than average and to invest only where you have that extra knowledge."

Charlie Munger


Dragonfly is a machine intelligence system, originally built as a tool to help our own analysts identify mispriced stocks which embodies our philosophical fundamental approach.

The technology extracts over 600 raw data points for every stock, and performs a myriad of calculations using that data.

Our algorithm then sifts through the results, drawing out only the most significant insights. This avoids the user becoming too bogged down with data overload and highlights relevant red flags that might require attention.

We currently focus on five major categories:

  • Valuation
  • Earnings Quality
  • Accounting
  • Corporate Governance
  • Contrarian Sentiment

”If you have the same people doing the same things, you should expect the same results.”

Ray Dalio


For an industry that hasn’t changed much in the past two decades, the last couple of years have seen extreme disruption for the sell-side. With MiFID 2 being implemented, the environment has felt chaotic at times, with confusion over business models and pricing structures constantly changing. Beneath all the chaos however, we see the positive forces of creative destruction at work as incumbents shrink back and new business models emerge.

Our unequivocal independence and unique approach offers institutional clients a way of spending research budgets that is aligned with their own goals to generate alpha and seek deeper insight. It is an exciting time to be forging a new approach.

"I wouldn't call it radical, I would call it enthusiasm for progress."

John Templeton

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