Investment Philosophy

Financial markets offer exploitable inefficiencies.

Crescat’s edge is our ability to develop and profit from global macroeconomic themes. Crescat’s themes are robust narratives and supporting data based on deep research into the opportunities identified by our quant models. Our proprietary equity and macro models are built on value and behavioral investment principles. The models guide us to our themes. The themes are the real-world backstories that bring our models to life. We elucidate our themes in our quarterly investor letters. We believe that by discerning the richer story behind the mispriced securities identified by our models, we have an advantage over pure quants. At the same time, we are confident that by deploying both systematic models and macro themes, we have an advantage over traditional value managers.