The Firm
We are value disciplined investment managers that own outstanding companies for the long term. We are 100% owner-managed.
What Makes Us Different
1
We invest with a long-term business owner mindset.
We are process-focused and think in probabilities.
2
We take a capital cycle approach with a focus on supply.
3
4
Margin of safety throughout the entire investment process reduces investment risk and preserves the investors’ original capital.
5
Our portfolios are concentrated, exhibit low turnover,
and compound returns tax efficiently.
6
We are committed to ‘alpha generation’ over
‘asset gathering’.
Business Owner Mindset
Our Philosophy
We think about investing as buying partial ownership in a real business.
Our Mindset
Thinking and acting as business owners eliminates a lot of competitors who tend to focus on market movements.
Business Ownership
We own proven businesses with competitive advantages, and trade our holdings infrequently.
Great Businesses
Great businesses compound invested capital at faster than market returns over long periods of time.
The Investment Framework
We focus our investment research on those fundamental business factors that have been shown to drive long-term returns
Industry – stability and predictability
Business – sustainable competitive advantages
Management incentives, strategy and capital allocation
Qualitative information with long shelf life that
cannot be collected by machines
Meet the Team
The Eldred Rock Partners team is an institutional asset management firm offering active equity investment strategies with downside protection and attractive risk adjusted returns in a client centered culture committed to integrity and responsible stewardship.
Stefan Gräter, PhD, CFA, Portfolio Manager
Stefan Gräter is a co-founder of Eldred Rock Partners and has been the portfolio manager for the Eldred Rock U.S. Value strategy since inception in 2005. Dr. Gräter transferred the practice of engineering design using safety factors to the discipline of margin of safety in value investing. He has built a top quartile, benchmark beating, track record employing high conviction, concentrated, value investing in quality businesses. Prior to forming Eldred Rock Partners, Dr. Grater was managing director at Avalon Advisors and a partner at Matterhorn Capital Management where he served as the portfolio manager for value strategies at both firms.
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John Derrick, BBA, CFA, Chief Operating Officer
John Derrick joined Eldred Rock Partners in March 2023 as Chief Operating Officer and Chief Compliance Officer. John brings a wealth of experience gained during his 30-year career in the investment management industry. Mr. Derrick has been a portfolio manager, director of research, and entrepreneur. John began his career in 1993 at Fidelity Investments before moving on to US Global Investors as a fixed income analyst in 1999. John quickly became a portfolio manager for two money market and two municipal bond funds.
Jonathan Lewis, Portfolio Manager
Jonathan Lewis is a co-founder of Eldred Rock Partners and serves as the portfolio manager for the Eldred Rock International Value strategy and portfolio analyst for the Eldred Rock U.S. Value strategy. Mr. Lewis brings a deep understanding of how companies create and build shareholder value. Prior to founding Eldred Rock Partners, Mr. Lewis served as portfolio manager for the International Value Strategy at Avalon Advisors and as an equity analyst for all value strategies at Matterhorn Capital Management. He is a veteran of the United States Air Force.
Yifan Zhang, CFA
Yifan Zhang joined Eldred Rock Partners as an analyst in 2022. He is responsible for equity research and portfolio management. Prior to joining Eldred Rock, Mr. Zhang was a senior Investment Officer at New York State Teachers'
Retirement System. He was responsible for researching investment strategies, managing internal portfolios, and
monitoring external managers. Previously, Mr. Zhang also worked as a portfolio manager associate at U.S. Trust. Mr.
Zhang began his financial career in 2007 as a trading desk developer on the Credit desk at Swiss Re.