Headwaters are the beginnings of stream networks that are often unnoticed because of their small size and remote location.

Similar to the small companies in which this strategy seeks to invest, headwaters may be overlooked initially, but their consistent flow proves to be resilient, steadily growing into larger bodies of water. The confluence of multiple headwaters creates a river that is more diversified and resilient than its individual sources.

Headwaters Capital Management is an actively managed, concentrated investment strategy focused on small and mid capitalization stocks.

The strategy seeks to invest in a small number of industry leading companies with sustainable competitive advantages and the opportunity to generate durable, long-term revenue growth. The collection of these excellent businesses forms a portfolio that balances risk while maximizing investment returns.


“Time is the benefit of the wonderful business, the enemy of the mediocre.”
-Warren Buffett