We invest where
institutional capital can’t.
HIT Capital is a long-biased global micro-cap fund focused on reasonably priced and growing businesses overlooked by the broader market.
- 01 — Global micro-caps
- 02 — Fundamental research
- 03 — Long-biased
The opportunity
Why can’t institutional capital go there?
At the smaller end of the market, scale, liquidity, coverage and research economics can become constraints for large investors.
Scale
Large institutions need investments large enough to materially affect portfolio returns.
Liquidity
Many micro-cap companies cannot absorb large institutional positions efficiently.
Coverage
Smaller businesses often receive limited analyst and institutional attention.
Research economics
A large institution may not be able to justify significant research resources for a company that can only accommodate a small position.
For us, those constraints can create opportunity.
The strategy
A large universe.
A concentrated portfolio.
We search broadly, then allocate selectively.
01Global micro-caps
Companies often too small for large institutions to research or own meaningfully.
02Reasonably priced growth
Growing businesses where the market price does not fully reflect the underlying economics.
03Fundamental conviction
We underwrite the business, valuation, incentives, risks, and what must be true before committing capital.
04Patient, concentrated capital
A focused portfolio built around our highest-conviction ideas and held while the thesis remains intact and the opportunity remains attractive.
The research engine
Technology finds the candidates.
Research guides the investments.
HIT Capital uses proprietary software and research workflows to efficiently screen and investigate thousands of securities across global markets.
Screen
Quantitative and fundamental filters.
Investigate
Business, financials, management, and incentives.
Underwrite
Value, downside, catalysts, and thesis.
Own
Selective, concentrated capital.
Monitor
Keep testing the thesis.
The manager
Built through preparation,
systems, and independence.
Stephen Read did not come to investing through Wall Street. His approach was shaped by two decades preparing to play professional baseball, 14 years as an engineer building and understanding complex systems, and the journey to financial independence at 37.
Those experiences continue to shape how HIT Capital researches businesses, evaluates risk, and allocates capital.
Stephen Read
Founder & Portfolio Manager
20
Years
Preparation
Stephen spent roughly two decades preparing to play professional baseball. The work reinforced process, repetition, discipline, and the importance of improving the next attempt rather than overreacting to any single outcome.
14
Years
Systems
Fourteen years as an engineer, including his career at ConocoPhillips, reinforced a first-principles view of systems: understand how the pieces interact, identify the variables that matter, and test the assumptions.
37
Age
Independence
Reaching financial independence at 37 made saving, compounding, and capital allocation tangible. It reinforced the value of patience, independent thinking, and allocating capital with intention.
Research insights
See how we think.
Research system
Software as a research edge
Technology expands the number of companies we can evaluate efficiently, allowing qualitative research to begin earlier and across a broader opportunity set.
Read →Process
The qualitative overlay
Valuation alone is incomplete. Management incentives, ownership structure, related-party risk, and the quality of growth can materially change the investment case.
Read →Mandate
Reasonably priced and growing
HIT Capital looks for growing micro-cap businesses where valuation remains attractive relative to cash flows, fundamentals, and long-term potential.
Read →
Invest where
institutional capital can’t.
HIT Capital is available to qualified prospective investors who want to learn more about the strategy, research process, and current offering.
Request Investor AccessMaterials are shared following an initial review.