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Arrival Capital Management
Luis Hernandez runs Arrival Capital, a concentrated value firm holding Altria and Berkshire for decades out of New York.
Arrival Capital Management
Arrival Capital Management was founded in 2004 by Luis Hernandez, who serves as the firm's managing member and portfolio manager. The firm operates as a registered investment advisor from its base in New York, running a concentrated, long-only public equity strategy rooted in classic value investing principles. The firm deploys capital across a small number of high-conviction positions in large-cap US equities. Hernandez structures the portfolio around durable cash flows and shareholder-friendly capital allocation, evidenced by the multi-year holding period in Altria Group, which has historically constituted a dominant portfolio weight. Holdings also extend into financial services, enterprise software, and media, reflecting a preference for businesses with entrenched competitive positions. The geographic footprint centers on North American-listed companies. The firm maintains a deliberately lean structure, with Hernandez as the sole named investment decision-maker on regulatory filings. Total assets under management and team size are not publicly disclosed. In September 2024, the firm's 13F filing showed a continued significant allocation to Altria Group alongside positions in Alphabet Inc. and Berkshire Hathaway, consistent with its established pattern of holding large, cash-generative compounders (per SEC filings, Q3 2024). Arrival's structural differentiator is temporal. In an industry that rewards relative performance over twelve-month windows, the firm concentrates its book in single-digit positions and lets compounders run for decades without capitulating to market noise. This architecture fundamentally rejects diversification as a risk-management crutch in favor of deep business-level understanding — a posture available only to a manager with permanent capital alignment and a single decision-maker unmoved by institutional fundraising calendars.
General information
Firm type
Asset Manager
Year founded
2004
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Luis Hernandez
Managing Member and Portfolio Manager
Sector focus
Frequently asked questions
Who makes investment decisions at Arrival Capital Management?
Luis Hernandez is the sole managing member and portfolio manager. The firm's ADV filings and 13F disclosures list Hernandez as the primary decision-maker, running a concentrated book without a committee structure.
What is Arrival Capital's core investment strategy?
The firm runs a concentrated, long-only US equity strategy focused on large-cap companies with durable competitive advantages and strong free cash flow generation. The portfolio typically holds fewer than 15 positions, with top holdings like Altria Group maintained for well over a decade. The strategy emphasizes management quality and shareholder-friendly capital allocation.
How concentrated is the Arrival Capital portfolio?
According to public 13F filings, the portfolio is highly concentrated. Altria Group has historically represented a dominant weighting, often exceeding 40 percent of disclosed long holdings. Total holdings typically number between 8 and 15 names, with the top three positions representing a substantial majority of assets.
Does Arrival Capital Management manage outside capital or is it a family office?
Arrival is registered with the SEC as an investment advisor and manages outside capital alongside what may include internal capital. Public filings do not specify the exact mix, but the firm operates as a traditional asset manager, not a single-family office.
What types of companies does Arrival Capital avoid?
The firm avoids businesses without durable economic moats, highly cyclical industrials, and capital-intensive companies with low returns on invested capital. Hernandez's public commentary emphasizes a preference for predictable cash flows over growth narratives, making pre-profit technology and speculative biotech absent from the portfolio.
What is Luis Hernandez's professional background?
Luis Hernandez founded Arrival Capital Management in 2004. His approach draws on the Graham-and-Doddsville tradition, filtering for businesses with tangible assets, pricing power, and long reinvestment runways, though specific prior institutional affiliations are not publicly detailed.
Where can I see Arrival Capital's current holdings?
The firm files a quarterly 13F with the SEC, which discloses its long US-listed equity holdings on a 45-day lag. These filings show the firm's concentrated positions in names like Altria Group, Alphabet, and Berkshire Hathaway, though cash, fixed-income, and non-US positions are not captured in these reports.
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