Admiral Capital is a long-biased investment firm that aims to generate superior returns.
ABOUT
Since inception in 2017, Admiral Capital aims to compound capital by holding 20-30 investments, cash & selective shorts (for net exposure of 60 - 130%). As long-term investors, we want to beat the market in every environment, benefiting from the rising tide and also managing our drawdowns. To generate alpha, Admiral employs a fundamental, style-agnostic Carry + Kicker investment strategy that often highlights trade-offs that others look right past.
STRATEGY
We believe many different businesses can be great investments at the right price. The keys to success are clearly understanding the risks and assumptions being made, properly framing trade-offs, and marrying opportunism with caution.
Our Carry + Kicker investment lens provides our biggest analytical edge, helping us compare investments and quickly prioritize the most attractive opportunities. We then layer on our qualitative assessments of the industry, company and management team to estimate risk-adjusted expected returns.
We find great investment opportunities by:
- Having a specific framework for assessing & rewarding business quality
- Clearly defining the trade-off between growth and price
- Isolating the factors that drive returns over a 4yr time horizon
- Requiring an exceptional return to invest
MEET THE TEAM
MEET THE TEAM
ALEC SHAFFNER
Founder and Portfolio Manager
In managing Admiral, Alec draws on his years of security analysis experience at North Run Capital, Luxor Capital Group, Goldman Sachs and BofA Merrill Lynch. Alec received his BS in Business Administration from UNC Chapel Hill and MBA from Wharton.
He is also a CFA Charterholder.
JOSEPH WANG
Analyst
Prior to joining Admiral in 2020,
did equity research at Bares Capital Management and Sather Financial Group. He graduated from the University of Texas at Austin with a double major in Economics and Philosophy and is a CFA Charterholder.
Harry Xu
Analyst
Prior to joining Admiral in 2024, Harry had six years of markets experience at Nomura and State Street. He also founded and ran a software & payments startup. Harry received his BS in International Political Economy at Georgetown University and MBA from Wharton.
RESOURCES
We enjoy connecting with individuals and investors that share our interest in high absolute returns. Below is a sampling of letters and investment theses we’ve developed over the years that give an overview of who we are, how we invest, and how we approach the public markets. We view investing as a process of continuous improvement and encourage your feedback & suggestions.
To access these letters and content, please introduce yourself in the form below or email us directly at info@admirallp.com
2Q 2017 Letter
Long Angie’s List and The Trade Desk
1Q 2018 Letter
Long Alteryx and Mulesoft
2Q 2019 Letter
Long Pivotal Software and Zuora
Value Investor Insight - September 2020
