Our strategy is based on finding the most exceptional companies within it.
The peaks get the postcards, but the water that sustains the Salt Lake Valley flows down through seven canyons long before it reaches a home. The value isn’t on the summit, in plain view; it moves purposefully through the canyons below. That’s where we look.
Over the long run, the value of a business is realized as its earnings grow. We find companies capable of growing earnings meaningfully for years, and we let that growth do the work.
High and rising returns on assets, wide and durable margins, real balance-sheet strength, market-share gains. These are the marks of a genuinely good business. We aim to own them before larger investors arrive.
Success in true small-cap investing requires a disciplined and experienced team that’s skilled in unearthing asymmetric opportunities where value is yet to be recognized. With such focus we can own the best companies inaccessible to larger firms at very reasonable prices.
Most investors don’t pay attention to true small caps. There is little sell-side research, information is hard to come by, and the companies are too small to matter to large funds. That neglect is precisely the point.
In an asset class that is under-researched and under-owned, disciplined primary research and patience are rewarded, and mispricings are the rule rather than the exception. We choose to invest where the most inefficiencies are found.
Our discipline is geography-neutral. Currently, we express it in emerging markets, the deepest pool of small companies anywhere. Our strategy is a concentrated portfolio of quality growth businesses, selected bottom-up from a universe of thousands.
Past performance is not indicative of future performance.
| Strategy | Ark Global Emerging Companies (AEC) |
|---|---|
| Inception | January 2018 |
| Asset class | Emerging-Market Small-Cap |
| Benchmark | MSCI EM Small Cap ETF (EEMS) |
| Holdings | 50–70 |
| Strategy AUM | $92.5 millionAs of September 2026 |
| Vehicles | Limited Partnership ยท SMA |
| Minimum | $1 million (LP) · $30 million (SMA) |
Our quarterly letters explain what we own, what we’re watching, and how the strategy is thinking about the world.
