Investment Management · New Jersey
A concentrated portfolio of businesses, held for the long term.
Rooted in Value. Built to Last.
Cois Dara Investing manages a long-only equity strategy of eight to twelve holdings, run through separately managed accounts in each client's own name. The aim is to own a small number of businesses that can grow into, and beyond, what we pay for them over a five-year period.
- Strategy
- Concentrated long-only equities
- Holdings
- 8–12 positions
- Focus
- Global, North America bias; small- and mid-cap
- Account type
- Separately managed account
Approach
Five-year horizon, few positions
Much of the market is focused on the next twelve to eighteen months. We try to look further out, at what a business is likely to earn five years from now, and accept that outcomes for individual companies are uneven: a few holdings may do far better than expected, and some will disappoint.
- Initial position sizes of roughly 3–8% of the portfolio.
- A preference for companies growing earnings per share at around 15% a year. At that rate, and with an unchanged valuation multiple, a business roughly doubles in value in five years.
- Businesses where the drivers of value are straightforward to identify, even if the accounting takes work to understand.
Margin of safety
Four tests for every holding
Business growth
The business can grow into its valuation over time.
Valuation
Price is the one variable we control. We avoid overpaying, however good the story.
Hidden assets
Under-earning operations, historically low book value, or asset value the market overlooks.
Owner-operators
Management with meaningful personal capital at risk and incentives aligned with shareholders.
Structure
How portfolios are run
Fully invested
Portfolios stay fully deployed. Buying a new position means selling an existing one, which keeps the bar for new ideas high.
No shorting
A short position can gain at most 100% while its potential loss is unlimited, and it depends on timing. We only own businesses.
No leverage
Borrowing adds fragility and can force selling at the worst moments. Good businesses compound without it.
No market timing
Timing requires being right twice, on the exit and the re-entry. We stay invested through market cycles.
Why separately managed accounts
Each client's assets are held in an account in their own name at a qualified custodian. Clients can see every holding, the structure can be more tax-efficient than a pooled vehicle, and it can accommodate IRA and Roth IRA assets.
| Account structure | Separately managed account at a qualified custodian |
|---|---|
| Account minimum | $250,000 |
| Liquidity | Fully liquid; we ask clients to plan for a five-year holding period |
| Eligible accounts | Taxable, IRA and Roth IRA |
Contact
Start a conversation
If you would like to learn more about the strategy, the account process or fees, please get in touch directly. We are happy to walk through the Form ADV and advisory agreement before any decision is made.