STRATEGY
Proteus Capital seeks to deliver capital appreciation and minimize the risk of capital loss through long and short investments focused in the Technology, Media and Telecom (TMT) industries as well as industries being transformed by TMT.
INVESTMENTS
FOCUS
UNDERSTAND
TRANSLATE
INVEST
Never substitute data for rational thought and invest as though we owned the business outright
Technology intelligence is best collected from relationships with private companies, venture investors and established technology leaders
Manage change from disruptive technologies to new business models
Understand creative destruction by elucidating vulnerability in technology, business models and competitive position
We deploy a two pronged approach to long investments that leverage our experience and industry knowledge. We spend time with our venture partners and their portfolio companies to understand what the emerging companies are before they come public. From this research we are able to find companies that become the next generation leaders addressing large market opportunities. We hold these investments throughout their growth phase, which provides significant capital appreciation. We also focus on mature companies that may have slower growth rates, but will benefit from industry consolidation. These companies can generate significant cash flow that managements use to return capital to shareholders, or redeploy to further improve cash flow thus creating long-term value for investors.
We look at our short investments to be accretive to performance and in the process reduce downside volatility and the risk of permanent capital loss. Short investments develop out of research done on the long side. We focus on newer companies that will not be able to scale into leadership position by virtue of their business models or lack of competitive sustainability. We also focus on mature companies in secularly declining market segments that cannot, or are unwilling to transition themselves to changing market dynamics.
LONG TERM INVESTMENTS
SHORT TERM INVESTMENTS
ABOUT
Proteus was a sea god and the son of Poseidon in Greek Mythology. Homer referred to him as the Old Man of the Sea. Proteus had oracle powers and knew all things past, present and future. If he was captured, he would give the answer to a wished for question about the future. To avoid capture, he would transform in to other characters. Proteus has assumed such forms as a lion, tree, flaming fire and flowing water.
As Proteus was capable of transforming himself to avoid being captured, Proteus Capital seeks to prudently adapt to changing fundamental conditions it faces going forward.
FOUNDERS
Formed in July 2003. Proteus Capital Management LLC is a Silicon Valley based investment advisor focused on Global Technology, Media and Telecommunications investment opportunities.
Managing Partners Chris Nawn and Scott Nirenberski joined forces in 2015 to run Proteus Capital, LP but have been colleagues for over 15 years and have worked together in the past. Together, they bring decades of investment experience over multiple investment cycles to the table. Chris and Scott have each been successful at starting and managing their own investment firms. Both Chris and Scott have worked for some of the premier investment firms in the country and the team has a long-term, proven track record in both up and down equity markets.
CONTACT US
Christopher Nawn
General Partner & Portfolio Manager
Christopher Nawn is the Founder, General Partner and Portfolio Manager for Proteus Capital LP. Chris has over 30 years of technology-focused public investment experience, including over ten years managing TMT hedge funds. Proteus Capital was founded in July of 2003 and has been providing strong double digit returns since inception with no leverage. From 2007 to 2010, Proteus Capital was associated with Integral Capital Partners. At the end of 2010, ICP closed, and Proteus Capital was spun out as an independent firm. During this time, the fund was ranked as a Top Ten Technology Hedge Fund by Barclays Hedge.
From 1999 to 2003, Chris created and managed a highly successful TMT hedge fund for Technology Crossover Ventures. This fund provided positive returns during the NASDAQ’s 64% bear market decline. Chris was a Portfolio Manager for several successful funds at Warburg, Pincus. One of these funds was the Warburg, Pincus Post Venture Capital Fund which rose 147% from 1996 to 1999 making it the highest performing growth fund during that time. Chris began his career covering the Technology Media and Telecom space in 1983. Chris Nawn has an M.B.A in Finance from the University of Texas at Arlington and a B.A. in Political Economics from The Colorado College.
G. Scott Nirenberski
Partner and Portfolio Manager
Founding General Partner Muskoka Capital Management October, 2009 to October 2014. Mr. Nirenberski was a Principal with Seasons Capital Management, LLC from August 2006 until November 2008, where he served on a portfolio management team responsible for the firm’s investments in the technology, consumer (cyclical and non-cyclical), utilities and alternative energy sectors. From February 2000 through June 2006, Mr. Nirenberski was a General Partner and Portfolio Manager at Mosaic Asset Management, LP, a technology-focused investment advisory firm co-founded and managed by Mr. Nirenberski. From 1999 until the founding of Mosaic, Mr. Nirenberski ran hardware and semiconductor investment research for Pequot Capital Management, Inc., a hedge fund complex focused on growth company investment management.
From 1996 to 1999, he was the Senior Semiconductor Research Analyst with Deutsche Bank Securities, and later at Credit Suisse First Boston, where he was named to Institutional Investor’s All American Research Team as a runner-up. Mr. Nirenberski began his professional investment career with Montgomery Securities LLC in 1995 as an Associate researching the semiconductor capital equipment industry. Before joining Montgomery, Mr. Nirenberski held various positions in finance and treasury at Intel Corporation from 1992 to 1995. Mr. Nirenberski was an Underwriter for Chubb Insurance from 1987 to 1990. Mr. Nirenberski received his B.S. from the University of Toronto in 1987, and an M.S. from Carnegie Mellon University in 1992. He was awarded the Chartered Financial Analyst (CFA) designation in 1997.
CONTACT
530 Lytton Ave, 2nd. Floor
Palo Alto, CA 94301
Chris: 650-759-0001
Scott: 415-317-6717
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© 2015 Proteus Capital
