How we invest.

Many of the positions in the portfolio have been held for more than a decade. Trading turnover is generally low, and leverage is kept minimal.

Most private investment partnerships charge an advisory fee plus a performance fee — typically fifteen to twenty percent of profits. MCAPM, L.P. charges only the advisory fee, with tiered breakpoints that reduce the rate as a partner’s capital account grows. The General Partner participates in performance through its own capital invested in the Fund alongside the limited partners, not through a fee on their returns.

The portfolio is broad by design — spread across many individual securities, multiple sectors, and the full range of market capitalizations. Position sizes reflect conviction at entry, and positions that perform well over time are allowed to grow.

We work closely with the management teams of companies we believe in, with a particular emphasis on corporate governance and incentive alignment. Where our conviction is highest, that engagement has included board representation.