Milk Capital

Jamie Smith, the founder and Chief Investment Officer, is the sole portfolio manager and makes every investment decision. He launched the firm in 2017 after nine years at CQS, where he was a senior portfolio manager on the systemic investment-grade credit desk. Smith is supported by one director and an administrative hire.

Milk Capital runs a concentrated equity market-neutral strategy, maintaining 20–35 long and 20–35 short positions in global large-cap equities. The portfolio is hedged for beta, sector, and factor exposures at the portfolio level, targeting absolute returns uncorrelated to broader market indices. The strategy focuses on Europe and North America.

The fund offers monthly subscriptions and redemptions on 30 days' notice, though it reserves the right to gate withdrawals. Milk Capital charges a 1.5% management fee and 20% performance fee. Smith has publicly emphasized the importance of capacity discipline to maintain the strategy's nimbleness.

Milk Capital is a founder-operated, concentrated book with no shared risk across pods or sector teams. Smith runs a single portfolio rather than allocating capital to multiple independent managers, which avoids the internal competition and crowding typical of platform firms. The structure allows greater control over position sizing and entry timing.

Milk Capital is incorporated in London and operates as a small registered Alternative Investment Fund Manager under the UK's AIFMD regime. The firm's prime brokerage relationship is with Goldman Sachs (per the firm's official communications).

Smith spent nine years at CQS, the multi-strategy credit hedge fund founded by Michael Hintze, where he was a senior portfolio manager executing systemic investment-grade credit strategies. That experience in structured credit and volatility trading informs Milk Capital's correlation-neutral equity book.

No. Milk Capital runs a single strategy in public equities and does not invest in private companies, credit, or any other asset class. All investor capital runs through the one market-neutral portfolio.