Fact Capital

Auerbach carries forward a discipline shaped by operating inside a multi-manager platform, where each book must justify its risk allocation through deep single-name work rather than sector-wide bets. Fact Capital's concentrated portfolio and high active share distinguish it from broader TMT sector funds. The firm does not index, does not hedge away most alpha through pair trades, and does not maintain a large roster of sub-scale positions.

There is no ongoing institutional relationship. Jonathan Auerbach worked at Hudson Bay Capital for over ten years, managing a TMT-specific portfolio, before leaving in 2020 to establish Fact Capital as an independent entity. The two firms share no ownership, operational, or investment ties.

Fact Capital is a public-markets investor. The firm focuses exclusively on publicly listed companies within technology, media, and telecom. It does not market itself as a crossover or growth-equity fund. There is no public record of the firm making direct private investments or maintaining a side pocket for illiquid assets.

Fact Capital runs a concentrated book, though exact position counts are not publicly disclosed. Auerbach's prior track record at Hudson Bay involved similarly concentrated TMT exposure. Allocators considering the firm should assume a high-active-share portfolio with significant single-name conviction, typical of hedge funds operating below $1 billion in assets.