First Seagull

First Seagull is an independent, management owned Alternative Investment Fund (AIF) located on the Norwegian west coast, a sufficiently safe distance from the nearest financial hub. The fund is managed on behalf of its professional investors with the aim to compound superior returns over multiple decades. First Seagull’s investment approach is centred around special situations and turnarounds of smaller publicly listed companies in Europe and UK, entrusting our own independent and diligent research. The strategy is to uncover a few opportunities where capital is likely to be preserved even in the most pessimistic scenarios, providing a low-risk exposure to upside from any improvement in business fundamentals. This strategy is further supported by the fund’s long-term structure and incentives, allowing us to make investments that short-term investors avoid due to uncertain timing and other conforming behaviours. We primarily care about three things, 1) business risk (not volatility) 2) preserving capital (not diversifying) and 3) being right in the long-term (not next quarter). We tend to agree with Howard Marks, especially in that "Investment success requires sticking with positions made uncomfortable by their variance with popular opinion", which in short summarises what we are trying to do at First Seagull. Contact me if you want to know more about how we run the fund and conduct research, my email is Stian@First-Seagull.com.