San Francisco, CA, August 30, 2017 — The timing was right for investment manager Dave Geisler to strike out on his own after 15 years of working for private and public investment managers.
Geisler founded and launched Corvara Capital LLC in March of this year, managing a global, high-quality growth, focused portfolio of 20-30 stocks offered through separately managed accounts (SMAs).
“This is something I've explored for a number of years and the timing was right,” says Geisler. “The firm was approved as a Registered Investment Adviser at the end of June, the infrastructure for the firm is now in place, and the fund has just recently launched.”
Geisler started his career in venture capital, working for Piper Jaffray Ventures, investing in early stage healthcare companies. He spent three years on the sell side covering the Internet sector for Cowen and Company, then spent the last 10 years working for a global equity manager and a domestic concentrated manager as a co-portfolio manager for Artisan Partners Global Equity and Lateef Investment Management, respectively.
Geisler believes his experience working for small companies like Lateef (20 employees) as well as larger firms such as Artisan (200 employees), give him the well-rounded experience and expertise to launch his own company.
“I've been on the buy-side for over 10 years, so I understand what clients are looking for in a global manager,” he says. “I have the experience and knowledge to run an asset management firm.”
Geisler has received a lot of support for his new venture, especially from those he has worked with, both fellow employees and clients.
“This business is about trust and relationships,” he says. “Former colleagues and friends have been very supportive, offering their help, opening accounts at Corvara and introducing me to new clients.”
He believes there are at least two things that make Corvara stand out from other similar firms: the fund is unique in that it is solely focused on quality, growth companies across the world and the product’s low-cost structure and transparency.
“Having a consistent investment philosophy is very important, individual and institutional investors look for this when they hire a portfolio manager,” he says. Dave is currently the largest client at Corvara and has invested his own capital to launch and support the firm.
Born in Belgium, where French was his first language, Geisler spent his school years, ages 7-17, on the Monterey Peninsula, graduating from York School. His parents, brother and sister, in fact, still live on the Peninsula. Geisler has also lived in Madrid, Spain and Minneapolis, Minnesota, but has spent the last 18 years in the San Francisco Bay Area.
Geisler graduated from University of California, San Diego with a bachelor's degree in economics, with highest distinction, and a master's degree in business administration from University of California, Berkeley with certificates in management of technology and entrepreneurship.
According to Corvara's website, Corvara is focused on preserving and growing its clients’ assets by applying its investment criteria and using a disciplined investment process. Corvara focuses on “highly liquid global companies that meet our high-quality criteria: high or improving ROIC (return on invest capital), a quality balance sheet supported by consistent free cash flow, high barriers to entry, sustainable competitive advantages, operating in markets with stable growth, value creating capital allocation, proven management, and valuation that support-long term capital appreciation.”
Geisler believes Corvara's “low-cost strategy for investors” and “full transparency” will serve its clients well in the long run.
Corvara Capital Investment Approach
Corvara believes that consistently applying growth and high-quality investment criteria, using a disciplined investment process, and building high active share portfolios can provide long term excess return above relevant benchmarks.
Corvara’s investment strategy rests on a limited number of core beliefs:
Corvara believes that high quality companies outperform in down markets and outperform the broad market over time. The highest quality companies have high returns on capital, attractive business models supported by higher barriers to entry, and sustainable competitive advantages addressing end markets characterized by stable growth.
Corvara identifies undervalued global companies expected to generate greater than average earnings growth. Quality companies with sustainable earnings growth outperform over time.
High Active Share
Corvara focuses on high conviction ideas and thus limits its portfolio holdings to 20 to 30 global, liquid, mid-to-large cap companies. High active share managers have outperformed diversified managers over the last 15 years.
Marci Bracco Cain
Salinas, CA 93901