Capital Allocators – Inside the Institutional Investment Industry Top 5 of 2025: #5: Adrian Meli
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Dec 22, 2025 Adrian Meli, Co-Chief Investment Officer at Eagle Capital Management, shares his journey from a hedge fund rookie to a long-only investment innovator. He discusses applying hedge-fund intensity to public equities, helping to find unique investment opportunities. Adrian reveals his approach to researching large-cap companies and the importance of a long-term focus to avoid short-term pitfalls. He also highlights promising sectors like SaaS and healthcare, while emphasizing the significance of attracting top talent to drive performance.
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Raised On The Thrill Of The Hunt
- Adrian Meli recounts growing up hunting deals with his dad, from Black Friday to auctions and reselling collectibles at school.
- That early play taught him to spot scarce, high-quality assets and the thrill of the hunt drives his investing style today.
Fees As A Cost Of Capital
- Adrian argues fee structures act like a cost of capital and can make long-only net returns higher than hedge funds despite lower gross returns.
- He moved to Eagle to capture hedge-fund intensity with long-only fees and deeper net returns.
Pay Salaries, Build Duration
- Pay analysts salary-only and make them partners to align focus on long-term investment outcomes rather than short-term bonuses.
- This reduces bonus-driven short-termism and encourages patience and duration in research.