# Palmerston Capital Management

Palmerston Capital Management is an Asset Manager based in London, United Kingdom.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Founded:** 2014
- **Assets under management:** Undisclosed
- **Website:** palmerstoncapital.com

## Regulatory record

- **CRD number:** 284492
- **SEC file number:** 802-108078
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/284492

## About

Palmerston Capital Management LLP is a London-based investment adviser since 2016. It is a limited liability partnership.

## Sectors

- Transportation & Logistics
- Industrial Tech
- Energy Transition & Renewables

## People

- Anthony Dipaola — Managing Partner & Chief Investment Officer
- Jeremy Hosking — Founding Partner

## Questions

### Who makes investment decisions at 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.

### How concentrated is the Palmerston portfolio in practice?

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.

### Does Palmerston invest in private companies or only public equities?

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.

### What is Jeremy Hosking's relationship to Palmerston versus his other activities?

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.

### Which sectors does Palmerston explicitly avoid?

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.

### How does Palmerston engage with the management of companies it holds?

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.

## Related profiles

- [Robert Hunt Financial](https://altss.com/profile/robert-hunt-financial-llc)

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Last updated: 2026-08-14T12:30:00.000Z

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