Thread by @wolfejosh

1/ AMAZED by @LTwolfe

Cover of @Forbes: Impactive Capital
Christian Asmar + Lauren Taylor Wolfe

"From Buffett With Love"
forbes.com/sites/hanktuck…

2/ "The Oracle of Omaha famously detached his investment strategy from his civic pursuits. Lauren Taylor Wolfe and Christian Alejandro Asmar's Impactive Capital borrows from his buy-and-hold value book—but overlays a large amount of sustainability and activism."
—By @hanstucker13

3/ A few excerpts:
-how many investments they hold
-on being forced to sell when returns are no longer there after a doubling
-on growing Calstrs $250M 6yr commitment 28% in 20 months to $320M
-now at $630M+ AUM and growing...

4/ Excerpts:

-On their origin stories
-How they met, decided to leave & quit their old firm (it shut soon after they left) team together

"to prove successful hedge funds could be run by people other than white men" 🔥

-the ESG factors that actually connect to returns

5/ Excerpt:

One of their first big Investments: $7.2B revenue Asbury Automotive with low capacity utilization + a labor shortage.

@LTwolfe notes only 2% of mechanics are women even tho they spend $200B as customers.

A 5% improvement to utilization rate could boost EV by 15%

6/ Imagine the FORTITUDE + CONVICTION in your analysis when shares plunge 60%📉...
...to respond by doubling down 😬
..and get rewarded as shares then fly to all time highs📈

"Toehold positions are just emblematic of a lack of CONVICTION"—@LTwolfe

7/ I (& our kids) have overheard @LTwolfe demanding her traders + prime brokers + vendors that cover Impactive be women and people of color.

—what she calls "customer activism" 🔥

"Talent is relatively evenly distributed—the number of women + minority hedge funds is not"