Our approach
A persuasive investment story is a starting point. Our job is to examine the evidence, identify the assumptions, and make the limitations visible.
Start with a precise question
What does this fund hold? What explains the return? What would need to be true for an investment thesis to work? A useful investigation begins with a question that evidence can address.
Separate the records
A fund’s live history and a reconstruction of its current holdings answer different questions. Read the start and end dates, entry rules, rebalancing assumptions, fees, and price-adjustment policy before comparing results.
Look for what is missing
Current holdings do not recreate past portfolio decisions. Missing price history, changing constituents, and the choice of benchmark can affect a reconstruction. Strong historical results do not settle the future.
Read the failure case
Consider drawdowns, concentration, competing explanations, and the evidence that would change the conclusion. A compelling return chart is only one part of the assessment.