Capital Allocators – Inside the Institutional Investment Industry David Zorub - Navigating Hedge Fund Headwinds at Parsifal (EP.434)
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Mar 3, 2025 
David Zorub, Founder and CIO of Parsifal Capital Management, discusses navigating the challenges of running a $1.5 billion hedge fund. He shares insights on fundamental investing headwinds and strategies for overcoming them, emphasizing the importance of resilience, concentrated strategies, and rigorous research. The conversation also touches on the significance of building strong investor relationships and adapting to market dynamics, with anecdotes about market inefficiencies like the case of Shark Ninja. Zorub envisions a future focused on team culture and personal growth.
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Alpha Factors
- High active share, concentration, and volatility tolerance yield alpha.
- These factors represent business model alpha, challenging for both managers and allocators.
Investment Strategy
- Employ a concentrated, cross-asset, opportunistic mandate.
- Focus on event-driven situations, fundamental long-short, and cross-capital structure opportunities.
Identifying Opportunities
- Focus on identifying inefficiencies rather than valuations or qualitative aspects.
- Ask why securities are mispriced and how to exploit those inefficiencies.