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Episode Description:

Raj Moorthy is the Managing Partner of Advantage Alpha Capital, where he oversees a small cap, market neutral hedge fund focused on extraordinary businesses with a beautiful hedge.

Our conversation covers Raj’s early interest in business and his professional path across stops in investment banking, private equity, and entrepreneurship before landing in small cap public equities fifteen years ago at Pivot Point Capital. We discuss lessons learned over a twenty-five year investing career, discovering extraordinary small cap businesses, structural inefficiencies in the Russell 2000, the role of valuation in portfolio construction, managing emotions in volatile markets, and an unconventional approach to generating material and consistent alpha. We then work through the portfolio construction process at Advantage Alpha, beautiful hedge, leverage, correlation, and fund capacity. We wrap up with a discussion of Covid-19 and how Raj managed through the pandemic.

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