Deep primary research
We build our own models from filings, channel checks, and management diligence, not from the sell-side consensus that barely exists for these names.
U.S. Small-Cap Equity · Est. 2019
Value grows
in the understory.
Thicket Capital Management is a research-driven hedge fund that invests in overlooked American small-cap businesses, the resilient companies growing beneath the market's canopy, long before the rest of the market clears a path to them.
$2.9BAssets under management
$300M–$3BTarget market-cap range
28Core portfolio positions
5.5 yrAverage holding period
The Thesis
The most fertile ground is the ground no one is looking at.
Small-cap equities are the least efficient corner of public markets. Thousands of businesses trade with little to no analyst coverage, thin institutional ownership, and prices set by sentiment rather than study. That neglect is precisely where mispricing lives.
We treat this universe like a forest floor: dense, tangled, and full of companies quietly compounding out of sight. Our edge is not speed. It is the patience and depth of research required to tell a future redwood from a weed, and the discipline to hold it while it grows.
- Coverage gaps create durable, repeatable mispricing
- Concentration in our highest-conviction ideas, not diversification for its own sake
- Business-owner time horizons, measured in years, not quarters
The Approach
Fundamental research, applied with restraint.
Every position begins as a question about the underlying business and ends as a decision we can defend for years.
Durable business quality
We seek defensible niches, honest incentive structures, and reinvestment runways, businesses that can compound capital without needing the market's permission.
Concentrated conviction
A focused book of roughly two dozen positions. When the research clears our bar, we size to matter; when it does not, we walk away.
Disciplined risk
Position limits, liquidity-aware sizing, and a hard sell discipline. We protect capital first so it is there to compound.
The Firm
Built for the long clearing, not the quick cut.
Thicket Capital is an independent, employee-owned manager. Our team invests alongside our partners in the same fund, on the same terms, with the same horizon. Alignment is not a policy here. It is the structure.
100%Employee-owned
$41MPartner capital in-fund
BostonHeadquarters
The Team
Investors, first and always.
A small partnership by design. Every senior investor carries research and answers for the book.
Eleanor Vance
Founder & Chief Investment Officer
Two decades in small-cap equity research across the market cycle. Founded Thicket to invest the way she always wanted to: concentrated, patient, and unhurried.
Marcus Okafor
Partner, Director of Research
Leads the diligence process and the firm's industrial and services coverage. A model-builder who believes the edge is in the footnotes.
Priya Nair
Partner, Portfolio & Risk
Owns position sizing, liquidity, and the sell discipline. Keeps the book honest so conviction never tips into recklessness.
Contact
Investor relations
Thicket Capital Management is open to a limited number of qualified investors. Interests are available only to accredited investors and qualified purchasers, by private placement. For due-diligence materials or a conversation with the team, reach out below.
Investor relations
ir@thicketcapital.com
Office
One Post Office Square, Boston, MA 02109