What we’re doing.
Most hedge funds treat opacity as the product. The thesis is the asset, the position is the secret, and the fee structure exists because you can’t see what they own.
Elavate runs the opposite play. Our framework is public. Our research is published. Our positioning is disclosed at deliberate cadence. The edge is in the synthesis — not in the secrecy.
// THE PROBLEMThe problem we’re solving.
The institutional hedge fund industry guards positions for eight structural reasons. Some are legitimate. Most are excuses dressed as risk management.
Disclosure kills the trade
Reveal a long and front-runners erode the entry. Reveal a short and you hand a coordinated squeeze playbook to anyone with capital.
Reflexivity
A publicly known position is a different position than a hidden one. The market reacts to who is in it.
Stealth accumulation
Meaningful size below mega-cap requires silence. Even Berkshire fights for confidential 13F treatment on new builds.
Capacity erosion
Strategies that work at $500M die at $5B. Reveal the alpha and copycats arbitrage it to zero.
Activist mechanics
Campaigns need positions locked before targets see them coming. Premature disclosure triggers poison pills and white knights.
Information is the product
LPs pay 2-and-20 specifically for synthesis that isn’t public. Opacity is the moat that justifies the fee.
Regulatory carve-out
13F covers U.S. long equities only — 45-day lag, no shorts, no derivatives. The disclosure floor is low because the industry wrote it that way.
Counterparty leakage
Every additional party that sees the book is another exploitation vector. Archegos proved the point.
// THE OPERATING MODELResearch is public. Execution is private.
We treat research output as a public good and execution as the private layer. Three doctrines govern how we work.
Position, then publish.
Build the conviction. Build the position. Then publish the thesis. The publication is the catalyst, not the leak. Every report opens with our disclosed position, and our holding period matches the implied horizon of the thesis. Credibility compounds: each subsequent report moves more capital than the last. We do not run activist named-stock short campaigns — that lane carries elevated and proven regulatory risk under the current enforcement posture.
Framework loud, execution quiet.
Our worldview is public — the Monroe Doctrine thesis, the physical-AI roadmap, sovereign compute, the State Equity Board thesis, stagflation positioning. What stays private: specific options structures, hedge ratios, sizing logic, exact entries, stop discipline, and the counterparties we trade through.
Concentration over coverage.
Eight to fifteen core positions. Five-year horizons on the spine of the book. No sector-rotation engine, no multi-strat platform. We compound conviction in a small number of names where the asymmetry is generational — and we tell you what they are.
// SLEEVE STRUCTUREHow it works.
The fund operates in three disclosure tiers — two for the long book, one for portfolio hedges. The structural commitment is that nothing in the fund stays hidden from LPs or the public for more than two weeks.
| TIER | WHAT IT HOLDS | DISCLOSURE |
|---|---|---|
| Core book | Large-cap, capacity-tolerant names anchoring the Monroe Doctrine and AI-onshoring theses. Multi-year holds. | Updated daily — every name and weight on elavate.io by close. |
| Conviction book | The spine of the book — names accumulated deliberately for five-year horizons. | Disclosed in full once accumulation finishes; 10–15 trading-day lag to protect LP fills. |
| Portfolio hedges | Index puts, sector hedges, volatility structures, and tactical offsets for risk management. Not activist named-stock shorts. | Disclosed in aggregate by category. |
// FEE PHILOSOPHYWe don’t sell opacity. We sell synthesis.
Traditional 2-and-20 isn’t justifiable when the thesis is public — the classical fee structure exists to compensate opacity. We offer three structures, each aligned to a different LP profile.
1 / 15, hurdle
Lower management fee. Carry only above an agreed hurdle rate. Signals confidence and aligns incentives without bleeding LPs in flat years.
0 / 25 above hurdle
The Buffett partnership model. No management fee. We earn only when LPs clear a 6% real return — self-selecting for LPs who believe the framework, and forcing us to deliver before we eat.
Subscription + co-invest
Research subscribers can opt into the fund. Recurring research revenue builds the operating base; LP capital provides the leverage layer. The Real Vision / Hedgeye model adapted for an actually managed fund.
// HONEST TRADEOFFSRunning this openly is harder. We won’t pretend otherwise.
Public drawdowns hurt the brand
When a core long is at a 50% mark-to-market loss and we’re loud about owning it, the commentary is brutal. The LP base must have multi-year tolerance for visible pain.
Reflexivity cuts both ways
Our publication can move price into us on entry and accelerate stop-outs on exit. Position sizing accommodates this.
No “secret weapon” excuse
Traditional funds blame opacity when performance lags. We can’t — our edge is verifiable in public, which is brutal when wrong.
Capacity ceilings on small-caps
Below $2B market cap we will be front-run on disclosure. We accept the ceiling or we stay out of the segment.
Compliance overhead is real
RIA registration, 13F filings, ADV updates, marketing-rule compliance for any performance claim. We invest in the infrastructure public-position funds require.
// WHO THIS IS FORWe don’t pretend to be for everyone.
THIS IS FOR
- Allocators who want to understand exactly what they own.
- LPs with multi-year horizons and the conviction to sit through public drawdowns.
- Family offices and individuals who prefer a one-page thesis over an eighty-page deck.
- Capital that already follows our research and wants execution exposure to it.
- Investors who believe transparency is an asset class, not a liability.
THIS IS NOT FOR
- Quarterly performance shoppers.
- LPs requiring benchmark-tight tracking error.
- Allocators who need opacity for committee theater.
- Anyone who needs to outsource conviction.
This document is not an offer to sell or a solicitation to buy any security. Any such offer will be made only by means of a confidential private placement memorandum. Participation is limited to accredited investors as defined under Rule 501 of Regulation D. Past performance is not indicative of future results; investing in private funds involves substantial risk, including possible loss of principal.