SPYGLASS INVESTMENT MANAGEMENT

Spyglass runs a concentrated, fundamental long/short equity strategy focused on North American mid-cap companies. The portfolio typically holds 20–35 long positions alongside targeted short exposure, with an emphasis on deep primary research and entry prices that provide a margin of safety. The firm does not use leverage aggressively and is sector-agnostic, though historical filings show a preference for financials, consumer, and business-services names.

Founder and Chief Investment Officer Frank DeLano is the primary decision-maker. DeLano previously worked at Harvard Management Company for roughly a decade, where he helped manage equity and absolute-return portfolios under Jack Meyer. He has run Spyglass as a lean, centralized operation since its 2006 launch, supported by a small team of generalist analysts.

The firm carries several structural imprints from HMC: a price-conscious, research-heavy approach to stock selection, a deliberately capped asset base to preserve agility, and a fee schedule that historically has been more LP-friendly than the standard two-and-twenty. This endowment model lineage also shows in Spyglass's preference for a single-partnership structure rather than launching multiple products to gather assets.

Spyglass deliberately caps its capital base to maintain access to mid-cap opportunities where larger funds cannot operate efficiently. By staying small — historically reported in the range of several hundred million dollars — DeLano can trade in $1–5 billion market-cap names without moving prices against his own positions. This capacity discipline is a direct structural differentiator in the hedge fund landscape.

No. The firm has consistently operated through a single core partnership since inception. Spyglass does not run separately managed accounts, co-investment vehicles, or offshore clones, which reflects founder Frank DeLano's preference for alignment and simplicity over product proliferation.