Palmerston Capital Management

Anthony Dipaola, the managing partner and chief investment officer, leads all investment and portfolio management decisions. He co-founded the firm in 2014 with Jeremy Hosking. The structure is deliberately lean and avoids committee-based approval processes, meaning individual position sizing and exit timing sit with Dipaola.

Regulatory filings in multiple jurisdictions have historically shown the firm holding fewer than 15 names, with single positions occasionally exceeding 10% of the portfolio at cost. This is a defining feature — the firm explicitly rejects broad diversification in favour of high-conviction, research-intensive bets on a small number of businesses.

Palmerston's strategy is overwhelmingly focused on publicly listed equities. There is no public record of the firm running a dedicated private equity, venture capital, or private credit allocation. The investment universe is confined to liquid public markets, primarily in transportation, logistics, and industrial sectors.

No. Despite the involvement of Jeremy Hosking — who manages substantial personal wealth — Palmerston is structured as an asset management firm, not a single-family office. It accepts external capital and is regulated by the UK Financial Conduct Authority as an investment manager.

Jeremy Hosking co-founded the firm and serves as a founding partner. His earlier career at Marathon Asset Management — where he was a founding partner and portfolio manager — built his reputation as a UK equities investor. His personal political donations and separate art collection activities operate outside the Palmerston structure and are not linked to the firm's investment process.

The firm has shown no appetite for technology, healthcare, or consumer sectors. Its public filings and known positions are almost entirely confined to transportation (rail, shipping), logistics, and industrial cyclicals. The concentrated, sector-specific mandate means large swaths of the public equity market are deliberately excluded from consideration.

The firm takes a private-equity-style governance approach within a public-equities structure. Dipaola has a track record of direct dialogue with management teams — including engagements on cost targets and capital allocation at North American railroad holdings — rather than passive index exposure or proxy-season-only activism.