Research first.Capital follows.
TJF manages discretionary portfolios for a limited number of families across equities, fixed income and commodities. We are paid to think, not to trade.
Request accessMost capital is managed at the wrong speed.
It is asked to perform quarterly and judged annually,
when the businesses underneath it change over decades.
We have built a firm that does not have to answer that question.
How a balanced portfolio is composed
Illustrative allocation for a balanced discretionary mandate. Actual weights are set per client after the mandate conversation and are reviewed each quarter.
We would rather miss a decade of a story we do not understand than own one year of it badly.
- I
Concentration, not diversification theatre
A portfolio of eighty names is a portfolio of eighty opinions you cannot possibly hold with conviction. We hold between eighteen and twenty-four, and we can defend each of them from memory.
- II
Risk is permanent loss, not volatility
A position that falls forty per cent and recovers has cost you patience. A position that falls forty per cent because the thesis was wrong has cost you capital. We spend our research budget telling those two apart.
- III
Cash is a position
When we cannot find price and quality in the same instrument, we hold cash and say so. We have been above twenty per cent cash three times since inception. Each time we were asked to explain ourselves. Each time we were right to be there.
- IV
The client list is the product
We grow by introduction and we close capacity without notice. A firm that will take anyone's money will eventually take anyone's instruction.
There is no sign-up.
Access to TJF is opened by introduction, and reviewed by a partner. The regulatory minimum for a portfolio management mandate in India is fifty lakh rupees. Ours is higher, and we will tell you what it is when we speak.
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