Glacier Peak Capital Management

Andrew Schaff, the firm's founder and Chief Investment Officer, makes all portfolio decisions. He launched the firm in 2010 and runs the concentrated long/short equity strategy as the sole lead portfolio manager. The firm operates with a lean structure where the CIO retains final authority on all position sizing, entry, and exit decisions.

The firm focuses primarily on small- and mid-capitalization equities in the US market. Schaff has described targeting companies where smaller research coverage and structural complexity create the widest gaps between price and intrinsic value. The strategy occasionally extends to micro-cap restructurings and Canadian-listed equities when the opportunity set warrants it.

Glacier Peak runs a long-biased portfolio, typically maintaining 20–30 long positions. The short book is maintained as a hedge and alpha source, not as a paired market-neutral overlay. The strategy generates returns primarily from long-side catalysts while using shorts to manage downside exposure in a concentrated small-cap portfolio.

Financial services, healthcare, and real estate have historically been the firm's areas of deepest domain expertise. Schaff has invested through bank restructurings, REIT recapitalizations, and healthcare services consolidation. This sector concentration reflects where the firm's fundamental research process has historically uncovered the most catalyst-driven mispricings.

The firm's primary strategy operates in publicly traded equities. While concentrated small-cap managers sometimes participate in PIPEs or pre-IPO rounds, Glacier Peak's regulatory filings and public commentary frame the firm as a public-markets long/short equity manager rather than a crossover or private-placement participant.