Expectations
Define what the market already believes before arguing for what it has missed.
Dalhus Management
Clarity before consensus.
Concentrated public-market investing shaped by fundamental research, valuation discipline, and a willingness to wait.
Our perspective
Fundamental · Concentrated · Long horizon
Mandate / 01
We invest where price and value have parted company.
Method / 02
The work begins with the strongest version of the opposing case. It ends with a decision rule clear enough to survive volatility.
Valuation
Separate durable value from narrative, then test the margin of safety across multiple outcomes.
Discipline
Write the bear case in full. Set thesis-breaking conditions before capital is committed.
Patience
Own fewer things, know them deeply, and let the underlying economics do the work.
Portfolio / 03
Current holdings.
A concentrated portfolio built through fundamental research and valuation discipline.
Current book · September 2026
Four positions
CMCSA
LMNR
KRC
CCJ
Portfolio YTD
Time-weighted return
+36.6%
Independent judgment.
Patient capital.
Dalhus Management · Newport Beach, California