Gullfoss Capital Partners

About the Firm

Buy right,
hang tight

Gullfoss Capital Partners is an independent, long-only equity fund built on a simple conviction: great investment results come from identifying exceptional businesses and having the discipline to hold them through volatility.

From over 50,000 publicly traded stocks globally, years of research have identified approximately 80 businesses with durable competitive advantages, high returns on capital, and long reinvestment runways. When temporary distress creates opportunity, we act decisively.

Mountain cabin on a high ridge — durability and established vantage

Concentrated

15–20 carefully selected positions means every idea matters. No closet indexing. No dilution of our best ideas across hundreds of stocks.

Patient

We hold with multi-year time horizons. Activity is the enemy of returns. The big money is not in the buying and selling, but in the waiting.

Aligned

Substantial personal capital is invested alongside our limited partners. Every decision affects the founder's family wealth the same way it affects yours.

Honest

Zero management fee — we don't get paid for just breathing air. We earn only when you exceed a 6% annual hurdle rate.

Investment Approach

Finding needles,
not searching haystacks

From over 50,000 publicly traded stocks globally, years of research have identified approximately 80 businesses with durable competitive advantages, high returns on capital, and long reinvestment runways. We don't search for needles in the haystack. We maintain a list of needles and wait for them to go on sale.

Mountain reflected in still alpine lake — patient observation

Buy Right

Finding exceptional businesses

We seek businesses with durable competitive advantages — network effects, switching costs, scale economies, brand, or regulatory moats — generating returns well above their cost of capital with long runways for reinvestment.

We buy only when price trades at a meaningful discount to our conservative estimate of intrinsic value, whether driven by temporary loss of confidence, inflection points, hidden assets, or the market underestimating durability.

Hang Tight

The power of patience

Once we own exceptional businesses at reasonable prices, the hardest part is doing nothing. Every transaction has costs: taxes, spreads, and the opportunity cost of being wrong about timing.

We sell rarely and only when the thesis breaks, a business becomes egregiously overpriced, management destroys value, or a materially superior opportunity appears. Price declines, macro fears, and analyst downgrades are not sell triggers.

50,000+

Global Stocks
Screened

~80

Exceptional Businesses
On Our Watchlist

15–20

Concentrated
Positions

0×

Leverage
Used

Track Record

Built on experience,
proven in practice

13 years at Manulife's Essential Equity Team, rising to Managing Director and Senior Portfolio Manager. Part of a 10-person team that grew AUM from $5 billion to over $20 billion.

The team won numerous investment awards and managed multiple strategies for institutional and retail clients across geographies and market capitalizations — from Canadian small-caps to global large-caps.

Layered sandstone canyon strata — accumulated track record

Past performance should not be construed as an indicator of future performance. An investment in the account involves a high degree of risk. Commissions, management fees and expenses all may be associated with investments in the Account. Please read the offering document for the Account before investing.

Fee Structure

Complete alignment:
0 / 6 / 25

This structure eliminates the conflict of interest inherent in traditional fee models. If the fund returns 5%, we earn nothing. If it returns 0%, we earn nothing. If it loses money, we earn nothing. The only way we get paid is by generating returns above what you could reasonably expect elsewhere.

Management Fee

Forever. No annual fee regardless of performance or AUM. We don't get paid for just breathing air.

Hurdle Rate

You keep the first 6% of returns every year. Performance fee only applies above this threshold.

25%

Performance Fee

Only on returns above the 6% hurdle. With high-water mark protection so you never pay twice on the same gains.

"We do well only when our investors do well."

Your Partner

Leadership

Saurabh Moudgil, CFA

Managing Partner & Portfolio Manager

CFA Charterholder · University of Waterloo, B.Math (Computer Science)

Saurabh spent 13 years at Manulife Asset Management, progressing from Analyst to Managing Director and Senior Portfolio Manager on the Essential Equity Team — a 10-person group that grew AUM from $5 billion to over $20 billion. The team won numerous investment awards and managed multiple strategies for institutional and retail clients.

At Manulife, Saurabh managed several mandates across geographies and market capitalizations, from Canadian small-caps to global large-caps. That breadth of experience built deep conviction about what works: concentrated positions in exceptional businesses, held with patience.

After more than a decade of honing this approach within an institutional framework, the time felt right to build something independent. Gullfoss exists to concentrate in the best ideas, hold with patience even through volatility, and align completely with investors. Saurabh's family wealth is invested alongside yours.

Fund Details

Summary of terms

FundGullfoss Capital Partners Fund 1 LP

General PartnerGullfoss Capital Partners Inc.

StrategyLong-only concentrated public equities

Eligible InvestorsAccredited investors only

Minimum Investment$250,000

Management Fee0%

Hurdle Rate6% annually

Performance Fee25% above hurdle (with HWM)

SubscriptionsQuarterly

LeverageNone

Lock-UpNone

Early Withdrawal Fee5/4/3/2/1% (years 1–5)

RegulatorOntario Securities Commission

Institutional Infrastructure

AdministrationSGGG Fund Services

AuditGoodman Associates

LegalFasken Martineau

CustodyInteractive Brokers

ComplianceNorth Star Compliance

Get in Touch

Begin a
conversation

Gullfoss Capital Partners engages selectively with aligned accredited investors and family offices. Exceptional partnerships are built on candor and mutual respect.

Email moudgil@gullfosscapital.com

Location Vaughan, Ontario

Next Steps

1. Review the Offering Memorandum — full details on strategy, terms, and legal structure

2. Schedule a conversation — discuss your goals and determine if this partnership fits

3. Subscribe as a Limited Partner — $250,000 minimum, quarterly subscription window

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