Dark Horse Capital Management LLC ("Dark Horse") employs a research-intensive, catalyst-driven approach to thematic investing in North American distressed corporate debt and event-driven deep value equity opportunities.
Dark Horse seeks to identify structural change to proactively highlight investment themes and opportunities and then focuses on misunderstood small & mid-cap companies subject to such change. We are industry agnostic, but focus more on cyclical industries with hard tangible assets facing a defined corporate event and/or cyclical trend. We have the patience to wait for "our" pitch and the research process to invest with conviction.
Intrinsic value discovery based on levered free cash flow forms the foundation of any investment, but understanding why the opportunity exists is paramount. Many times things are "cheap" for a reason; why is this opportunity different, what has to happen to realize the target valuation, and what is our edge?
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