Gullfoss Capital Partners

The Golden Falls of Iceland
Powerful, Enduring, Patient

0% Management Fee We earn only above a 6% annual hurdle
Honest No Management Fee
Simple Long-Only Equities
Aligned Founder's Significant
Net-Worth

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.

The fund holds 15–20 positions drawn from a watchlist built over years of research, roughly 80 exceptional businesses identified from more than 50,000 listed globally. When temporary distress puts one of them on sale, 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, forever. We earn only when your returns exceed a 6% annual hurdle, and never twice on the same gains.

"The first rule of compounding: never interrupt it unnecessarily."

— Charlie Munger

Investment Approach

Great businesses,
bought on sale

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, but rather maintain a list of needles and wait for them to go on sale.

Layered canyon strata — a course carved patiently through rock

Buy Right

Finding exceptional businesses

We seek businesses with durable competitive advantages such as network effects, switching costs, scale economies, brand, or regulatory moats that help generate 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†

† By leverage we mean borrowing to increase market exposure. The Fund does not borrow to amplify returns. It may hold long-dated equity options (LEAPS) within the limit described in the Fund's Offering Memorandum.

Track Record

Built on experience,
proven in practice

Thirteen years at Manulife Investment Management, rising to Managing Director and Senior Portfolio Manager on the Essential Equity Team, a 10-person group whose desk grew from roughly $5 billion in assets to over $20 billion during Saurabh's tenure.

An award-winning team: funds managed by the Essential Equity Team, of which Saurabh was a senior member, received Lipper Fund Awards for consistent risk-adjusted performance. The team managed multiple strategies for institutional and retail clients across geographies and market capitalizations, from Canadian small-caps to global large-caps.

Mountain reflected in a still alpine lake — clarity earned over time

"It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent."

— Charlie Munger

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.

0%

Management Fee

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

6%

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."

Partner Letters

Forthcoming

Your Partner

Leadership

Saurabh Moudgil, CFA

Managing Partner &
Portfolio Manager

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

Over thirteen years at Manulife Investment Management, Saurabh rose from Analyst to Managing Director and Senior Portfolio Manager, becoming a senior member of the award-winning Essential Equity Team. He managed and co-managed multiple strategies for institutional and retail clients across geographies and market capitalizations, from Canadian small-caps to global large-caps.

That experience built a deep conviction about what actually works: a small number of exceptional businesses, bought at sensible prices, and held for years rather than quarters. The hardest and most valuable discipline, he came to believe, is not just finding good ideas but sitting still once you own them.

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

Gullfoss Capital Partners LP
Gullfoss Capital Partners Inc.
Gullfoss Capital GP Inc.
Long-only concentrated public equities*
Accredited investors only
0%
6% annually
25% above hurdle (with HWM)
Quarterly
No borrowing*
None
5/4/3/2/1% (years 1–5)
Ontario Securities Commission

* The Fund does not borrow to increase market exposure. It may allocate up to 15% of net asset value to long-dated equity options (LEAPS). Please refer to the Offering Memorandum for details.

Institutional Infrastructure

SGGG Fund Services
Goodman Associates
Fasken Martineau
Interactive Brokers

Independent administration, audit, legal counsel, and custody: the same institutional infrastructure that safeguards funds many times our size.

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.

moudgil@gullfosscapital.com
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 — during a quarterly subscription window
Request Information

Gullfoss | Capital

"Take a simple idea and take it seriously."

— Charlie Munger