Fact Capital

Jonathan H. Auerbach serves as Managing Partner and Chief Investment Officer, holding full authority over the portfolio. Prior to founding Fact Capital in 2020, Auerbach was a portfolio manager at Hudson Bay Capital, where he led TMT investing for over a decade (per Institutional Investor, 2021). The firm's investment decisions are concentrated in his hands, consistent with the manager-led structure common to single-manager hedge funds.

The firm operates a fundamental long-short equity strategy within the public technology, media, and telecommunications sectors. Auerbach targets what he calls structural dislocations — gaps between market price and intrinsic value created by product-cycle shifts, regulatory changes, or mispriced growth trajectories. The strategy is concentrated and research-intensive, typically maintaining fewer positions than a diversified multi-manager platform would.

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.

The firm was reported to manage roughly $750 million in assets in September 2021, shortly after its 2020 launch (per Institutional Investor, 2021). No updated AUM figure has been publicly disclosed since. The firm does not appear to employ a large non-investment team, consistent with the lean operational structure of an emerging single-manager hedge fund.