Deep Research. A Concentrated Portfolio. Aligned Interests.
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Kehlet Capital is a San Antonio-based investment firm with one job: to find a small number of exceptional businesses in the U.S. microcap market and own them for the long term, on behalf of clients.
I built the firm around three ideas.
First, fish where the fish are.
For me, the great, overlooked businesses live in the microcap space — publicly-traded U.S. companies with market values typically under $2 billion.
This is an inefficient corner of the U.S. equity market.
Many of these companies have little or no analyst coverage. And large institutions are typically too big to care about stocks this small.
That creates real opportunity for an investor willing to do the work.
And that's the work I do.
Second, concentrate on the best ideas.
Most actively managed funds hold somewhere between 70 and 150 stocks.
I hold 5 to 15.
The reason is simple. If I've done the work to identify the highest-quality businesses I can find, why would I dilute the portfolio with my 80th-best idea?
Concentration makes every decision count.
Third, understand each business deeply.
Concentrated positions are only as good as the research behind them.
That's why I want to know about each business as thoroughly as I can — what it does, how it makes money, where it could go wrong, and who's running it.
That means learning about the business in the real world — talking to customers, visiting stores, meeting with management — not just relying on what the company puts in its filings.
But doing that work is slow, and difficult to scale.
So, I've developed customized tools using AI.
One helps me digest filings, earnings transcripts, and industry materials far faster than I could on my own.
Another standardizes valuation across the messy, non-standard financial data you find in microcaps.
These tools don't pick stocks. I do.
But they let me go deeper and faster than would otherwise be possible.
Who is Kehlet Capital for?
The firm is built for long-term investors — individuals, family offices, and institutions — who want to allocate a portion of their portfolio to an actively-managed strategy aimed at long-term capital appreciation.
It is not built for anyone looking to get rich quick, trade in and out of names, or own penny stocks.
That's the firm I've built. That's the work I do.