Long / Short Equity · Net Long Bias
We invest in emerging microcaps and established compounders, and short businesses driven more by narrative than fundamentals — built for limited partners who think in decades, not quarters.
Strategy
Every position is underwritten against our Four Pillars, then sized by projected three-year IRR, recalculated weekly.
High-growth, under-the-radar businesses below $1b, found before the market notices them — where thin coverage leaves the widest mispricing.
Kraken Robotics · Shelly Group · Cellebrite · Hydreight
Moat-protected, high-ROIC businesses that keep compounding profitably for a decade or more. Quality persists, and we hold it.
MercadoLibre · Arista Networks · Topicus · Vertiv
Timing-specific setups — spin-offs, holdco discounts, short squeezes, pre-announcement M&A — deployed selectively for uncorrelated alpha.
IDT · Liberty Sirius · TRUBAR
Potential frauds, broken business models, industry fads and lockup overhangs. Never on valuation alone; never naked calls.
Nikola · Beyond Meat · Rumble · Quantum Corp
Our Framework
Every long position is underwritten against the same four tests. The framework draws on Chuck Akre's three-legged stool, Tom Gayner's four investment principles, Chris Mayer's 100 Baggers and Michael Mauboussin's work on moats and returns on capital, adapted for a growth investor.
Quality is the ability to generate sustainable profits over long periods of time, through downturns and disruptions. It takes two things:
Management sets strategy and allocates capital, and a great team avoids the value-destroyers: costly M&A, empire-building and short-term thinking. We judge teams on what they've delivered, reviewing years of earnings calls against what they promised. We look for leaders who are:
We want to own businesses for many years, partly because deferring capital gains taxes is a powerful compounder. Over long horizons, revenue growth is the largest driver of value creation, so we look for companies that can grow for a decade or more.
We invest in growth at a reasonable price. Paying up for quality never means ignoring price: we're buying a future stream of cash flows.
Our edge
Portfolio construction tilts the odds before we pick a single stock. Bottom-up work captures the alpha on top.
Performance
Deep Sail Capital Partners LP opened to outside investors on July 1, 2022.
| Period | Deep Sail (net) | Russell 2000 | Russell Mid Cap Growth | Barclay Equity L/S |
|---|---|---|---|---|
| 2026 YTD | -1.6% | +13.7% | -1.3% | +9.3% |
| 2025 | +34.9% | +12.8% | +8.7% | +13.6% |
| 2024 | +38.1% | +11.5% | +28.0% | +9.1% |
| 2023 | +6.8% | +16.9% | +25.9% | +13.7% |
| 2H 2022 | +7.3% | +3.9% | +7.2% | +0.2% |
| Annualized | 19.5% | 14.2% | 15.9% | 10.9% |
Deep Sail Capital Partners LP, July 1, 2022 (launch to outside investors) through September 30, 2026. 2H 2022 is a partial period; 2026 is year-to-date. Returns are net of actual fees; fund statistics are calculated on gross returns. Excludes the predecessor incubator vehicle, Westropp Funds LP, managed by Sean Westropp under the same strategy from 2016 to 2021; audited results are available on request. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.
Process
Portfolio Manager
Sean has managed Deep Sail Capital Partners LP and its predecessor incubator fund since February 2013, moving from a Graham-Dodd value framework to the current high-quality growth strategy in July 2016. Before running the fund full-time he spent 15 years at BP in finance, investment and strategy roles.
The Fund
| Terms | Standard Class | Institutional Class |
|---|---|---|
| Minimum investment | $100,000 | $500,000 |
| Management fee | 1.5% (1.0% above $50m AUM) | 1.0% (0.5% above $50m AUM) |
| Performance fee | 15% above 5% hurdle | 15% above 5% hurdle |
| High-water mark | Yes | Yes |
| Lockup / liquidity | 12 months, then quarterly (60 days' notice) | 12 months, then quarterly (60 days' notice) |
| Eligibility | Verified US accredited investors (Rule 506(c)); self-directed IRAs accepted | |
Research
Portfolio review, positioning and outlook for the quarter.
Case studyFrom a C$1.15 entry in 2024 to a C$1.8b market cap — the full arc of the thesis.
Conference pitchOur long pitch on electronic monitoring, presented in Las Vegas, June 2026.
Investor Inquiries
We're accepting capital from US accredited investors. Request the investor deck or schedule a call with Sean.