Investing in Overlooked Technology Opportunities
A high-conviction portfolio of undervalued global tech, built on first-principles research and scalable infrastructure.
Tech Investing. Beyond the Hype.
Our goal is not to be swept away by the velocity of change, but to remain anchored to the constants that do not move.
Shepherd is an investment firm founded by Jess Xu in 2024, focused on publicly-traded global technology companies. We combine first-principles research with proprietary technology to identify overlooked companies positioned for long-term returns.
Built for a perpetual timeframe, our philosophy is rooted in a contrarian idea: identifying enduring opportunities by focusing on the 'unchanged' amidst rapid technological evolution.
Investing Rewards Those Who Diverge from the Crowd
Our philosophy is rooted in independent thinking and unconventional processes. This philosophy translates directly into our distinct investment process:
Structured Idea Generation
Instead of waiting for ideas, we proactively map the entire global tech universe. Our proprietary technology then filters out market noise, allowing us to identify the most compelling opportunities worth a deeper look.
First-Principles Conviction
We build deep conviction through exhaustive 'why' questioning, aiming to uncover the core, unchanging drivers of a business and distill complexity into a simple thesis.
Rigorous Valuation Framework
We subject each thesis to strict valuation discipline to ensure every investment clears our expected return hurdle with a margin of safety.
Conviction-Led Portfolio
The result is a highly selective, benchmark-agnostic portfolio. We define risk as permanent loss and manage it by concentrating capital in our most deeply understood ideas.
Frequently Asked Questions
What is your investment approach?
Our investment philosophy is built on making high-conviction, benchmark-agnostic investments in a concentrated portfolio of global technology companies. We employ a patient and disciplined research process rooted in first-principles thinking to identify durable, high-quality businesses that we believe are undervalued.
What areas of technology do you focus on?
We invest across the global technology landscape: from semiconductors and software infrastructure to enterprise and consumer hardware, internet platforms, fintech, and industrials, utilities, and energy. Through deep, bottom-up fundamental analysis, we seek undervalued companies with enduring competitive advantages.
How do you identify opportunities beyond mainstream technology trends?
We look for companies whose advantages are rooted in constant constraints — physical principles, human nature, and capital cycles — that no amount of innovation can circumvent. By focusing on these constants, the aim is to surface less-obvious, high-conviction investments that the market underappreciates.
How do you approach risk management?
We define risk as the permanent loss of capital. Our primary risk management tool is investing only in businesses we understand deeply. We manage a concentrated portfolio of our best ideas rather than overdiversifying, which allows for rigorous monitoring of each position. We seek a sufficient margin of safety in our valuations to protect capital, even in downside scenarios.
Who is Shepherd Investment Management best suited for?
Our services are designed for long-term oriented, sophisticated investors who seek a focused exposure to the global technology sector and appreciate a partnership built on transparency, rigorous research, and a shared commitment to long-term value creation.
What are the investment minimums?
Minimum investments are typically $1,000,000 for a Separately Managed Account (SMA). We encourage you to contact us, as we can discuss the investment approach best suited to your specific objectives.
What is your fee structure?
We offer a transparent fee structure designed to align interests with clients; for Separately Managed Accounts, the standard advisory fee is 1.0% per year, calculated quarterly in arrears, with full terms provided in our Form ADV Part 2A.
How often will I receive updates on my portfolio?
We provide clients with comprehensive performance reports on a quarterly basis. In addition to formal reporting, we maintain an open line of communication and provide periodic market commentary and updates on portfolio positioning.
Have questions or want to learn more about our investment approach? Contact us.
Disclosure: This information is for educational purposes only and is not an offer to sell or a solicitation of an offer to buy any security or investment product. Shepherd Investment Management LLC is a state-registered investment adviser. For more information, please refer to our Form ADV. Past performance is not indicative of future results.
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