A long/short equity strategy capitalizing on the structural divergence between sustainable ocean economies and wild-catch dependent industries.
"One third of the world's commercial fish stocks are harvested at biologically unsustainable rates."
Global wild-catch has been essentially flat since the 1990s despite increasing fishing effort — a textbook signal of a resource in structural decline. Yet capital markets continue to price wild-catch dependent businesses as though the resource base is infinite.
This mispricing creates a dual opportunity: companies solving the problem are undervalued relative to their addressable market, while companies most exposed to resource depletion, regulatory tightening, and reputational risk carry valuations that do not reflect their terminal risk profile.
The portfolio is constructed as a concentrated long/short book across public equities. The long book targets companies building the infrastructure of a post-wild-catch seafood economy. The short book targets companies with identifiable near-term catalysts and valuations that do not reflect terminal risk.
Land-based RAS systems, alternative seafood proteins, ocean monitoring platforms, and supply chain traceability technology.
Companies with concentrated wild-catch revenue exposure facing regulatory, reputational, or resource depletion catalysts.
Satellite tracking, AI-driven stock assessment, IUU detection, and environmental compliance data platforms.
Companies with IUU exposure facing mounting EU and U.S. import restriction risk as traceability mandates tighten.
Long candidates must demonstrate a defensible moat, credible path to profitability, domain expertise in management, and a valuation that does not fully price the TAM expansion opportunity.
Short candidates must have an identifiable near-term catalyst, concentrated revenue exposure with limited diversification runway, limited balance sheet flexibility to pivot, and a valuation that implies continued resource availability the data does not support.
25% of annual net profits are donated to organizations directly combating overfishing and restoring ocean ecosystem health. This is a structural commitment written into the fund's operating agreement — not a marketing mechanism.
The manager's carry is subordinated to this obligation. We profit most when the ocean is healthiest. That alignment is intentional.