Skylands Capital

Skylands is market-cap agnostic within its technology, healthcare, consumer, and industrials universe. The firm has historically owned large-cap positions when the earnings disagreement is large enough and has held small-cap names where sell-side coverage is thin. The determining factor is the gap between reported financials and Romeo's forward earnings estimate, not a market-cap bracket.

Short positions target two categories: structural decliners facing secular obsolescence that the market continues to value on trailing metrics, and companies with accounting practices that Romeo's forensic review identifies as aggressive or unsustainable. Positions are sized independent of index weightings and have historically concentrated in industries undergoing consolidation that the long-only consensus misinterprets as stability.

Skylands has not disclosed any co-investment arrangements, side pockets, or special purpose vehicles alongside external managers. The firm's equity-only, long/short mandate has kept it structurally separate from the private-fund and club-deal ecosystems that other hedge funds have entered since 2020.