Named for a place where the map matters more than the weather.
Inverness sits at the meeting point of a loch, a firth, and a mountain range — a place where reading the terrain correctly has always been the difference between a safe crossing and a costly one. We took the name as a discipline, not a decoration.
Built by researchers who grew tired of thesis without topology.
Inverness Fund was founded on a simple observation: most macro losses are not caused by being wrong about a market — they're caused by being right about a market and wrong about the path capital had to take to get there. We built a firm around closing that gap.
Every thesis that reaches the portfolio has been mapped against its failure modes as rigorously as its catalysts. That process is slower than most macro shops tolerate. We think it's the reason returns compound instead of round-trip.
Four disciplines, applied to every position.
Independent research first
Theses originate from primary research and proprietary data work, not consensus narrative or sell-side flow.
Map the failure modes
Before sizing, we document the specific paths that would invalidate the thesis and the signals that would tell us early.
Size to the downside
Position size is a function of the worst plausible outcome we've mapped, never the best one we hope for.
Hold through the crossing
Capital is structured to withstand the volatility a multi-year thesis requires to resolve, without forced selling.
A small number of partners, by design.
We manage capital for institutions, family offices, and qualified investors who share our orientation toward patient, research-led positioning. We intentionally limit the number of relationships we take on, so that every partner has direct access to the investment committee.
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