Global.
Concentrated.
Long-Term.
Investing.
The Hayden Capital Way
A concentrated approach to public markets investments
Hayden Capital is an investment firm that follows a research-intensive, concentrated strategy. We travel the world, seeking to invest in growing businesses run by world-class founders.
Often we are willing to invest while the company’s competitive moat is still emerging and under-appreciated – backed by the confidence in our in-depth research. Additionally, we may utilize our research to leverage insights from developed business models in one geography or industry, and applying those learnings cross-border to similar businesses in other regions or industries. This stems from the belief that doing so provides an insight advantage into future business model development and consumer behavior.
Hayden implements this strategy by investing in market-leading companies, with durable competitive advantages, and incentivized management teams. We believe the best indication of a high-quality, growing company is one that has a long-runway to invest capital internally at attractive rates of return. The strategy aims to purchase such businesses at attractive valuations.
Our Key Tenets
- Buy high-quality businesses at rational prices for the long-term.
- Focus on underlying economic values, not stock prices.
- Stay within our circle of competence.
- Keep things simple. Rationality and common sense can go a long way.
- Concentrate capital in only the best ideas.
Additionally, the strategy is “long-biased” and generally concentrated in 6 – 15 core positions. Portfolios may hold large cash positions and may use derivatives to hedge broader market tail-risk during periods of excess market exuberance.
Our Relationship
Transparency. Simplicity. Results.
When we started Hayden Capital, we believed there was a better way to provide investment results for our partners, while managed in a structure that was more client-friendly than the traditional co-mingled structure.
Because of this idea, all of our capital is managed via separately managed accounts (SMAs). All investment accounts are held directly in the clients’ name, and allows our partners full real-time transparency into their investments, daily liquidity, customizable reporting, and greater control over their hard-earned assets.
Philosophically, we don’t believe in placing legal restrictions on our partners (lockups, gates, etc). Mutual trust & alignment with our partners is the foundation of Hayden Capital, which we build via careful vetting and getting to know our partners over a period of time. We believe that if we have mutual trust with our partners, then all else is secondary.
Given our long investment horizon, we recommend that clients only invest assets with at least a 5 – 10 year timeframe (and optimally much longer). We are investors, not traders, and hope our clients invest alongside us with a similar mentality.
Hayden Capital has a partnership mentality (despite the SMA structure). Since nearly all of our portfolio manager’s and his family’s net worth are invested in the strategy, our money will always be invested right next to yours. By doing so, we believe this incentivizes us to continually strive for the best risk-adjusted returns, and allows us to grow our net worth alongside our partners.
Meet The Team
Avid investors. Lifelong learners.
Fred Liu, CFA
Founder and Portfolio Manager
Fred is the founder of Hayden Capital. He started his career as a research analyst on J.P. Morgan’s Small Cap Equity fund, before joining New Street Research as a research analyst. He graduated with a B.S. in Finance and International Business from New York University’s Stern School of Business.
Fred purchased his first stock at the age of 11, and has been an avid value investor ever since.
Hayfah Bayabao
Operations
Hayfah manages the operations at Hayden Capital. Prior to this, she worked in the real estate industry, including at JLL, Cushman & Wakefield, and Thompson Reuters.
Investor Letters
Dear Partners…
Our investor letters highlight key portfolio holdings, our current views on the market, and general musings that we think our partners may find interesting. Through these letters, we hope our investors have a better sense of how we think and evaluate potential investments at Hayden Capital. One of our greatest advantages is having like-minded investors, who understand our differentiated investment process. As such, we owe our partners clear and open communication in how we are putting their hard-earned assets to work.
For further information, including requests to be added our distribution list, potential investments in Hayden Capital, or media inquiries, please reach out via the contact form.
Disclaimer: Hayden Capital offers advisory services to clients in the form of ongoing monitoring and management of investment portfolios. The “Investment Research & Investor Materials” and “Letters To Partners” provided on this web site are not intended as individually tailored investment advice nor are they intended as a solicitation to participate in any particular trading strategy. These materials are provided for readers to gain some insight into Hayden Capital’s investment analysis. Any opinions and projections are subject to change without notice at any time after the date of issue. All investments involve risk, including the loss of principal. Past performance is not indicative of future results. Hayden Capital recommends that investors seek the advice of a registered investment adviser before making any investment decisions.
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