Palmerston Capital Management

Palmerston Capital Management

Palmerston Capital Management launched in London in 2014, pairing Jeremy Hosking — a founding partner of Marathon Asset Management and a noted UK equities figure — with Anthony Dipaola, a former colleague who became the firm's managing partner and CIO. Hosking's three-decade track record at Marathon, which he helped build into a £50bn manager, supplied the intellectual DNA: a long-duration, valuation-sensitive approach concentrated in sectors the market routinely misprices. The firm structure is deliberately lean, designed to avoid the drag of committee-based decision-making (per the firm's AUM filing history). The strategy centers on publicly listed equities, with a near-exclusive focus on transportation, logistics, and industrial infrastructure. The portfolio avoids broad diversification — regulatory filings in the UK and US historically show single-name positions exceeding 10% of the book at cost. Confirmed positions include significant stakes in Norfolk Southern Corporation and Canadian Pacific Railway, reflecting a recurring bet on rail networks as durable, pricing-power assets. The firm co-invests alongside concentrated peers and occasionally uses derivatives to hedge macro tail risks. Geographic exposure spans North American Class I railroads, European shipping and infrastructure operators, and UK-listed industrial holdings. Team size is not publicly disclosed, and the firm has not reported a precise AUM figure in recent periods. Regulatory records suggest the strategy scale is consistent with a boutique concentrated-equity mandate. Jeremy Hosking's separate philanthropic and political activity operates outside the Palmerston structure. Northern & Shell Building, the firm's registered address, reflects a classic Mayfair hedge-fund geography. The firm has not publicly raised external institutional capital or registered adjacent vehicles. May 2024: Bloomberg reported Anthony Dipaola had accumulated a position in Canadian Pacific Kansas City and was engaging management on operational cost targets (per Bloomberg, May 2024). Palmerston is not a family office, not a diversified multi-strategy platform, and not a fund-of-funds. Its structural distinction is a hedge-fund charter executed with private-equity governance instincts — small roster, long hold periods, direct management dialogue — inside a liquid public-equities wrapper. This hybrid model stands apart from the index-hugging norms of most transportation-sector fund allocation and reflects the Marathon lineage without Marathon's institutional scale constraints.