# Two Fish Capital

Two Fish Capital is an Asset Manager based in Hong Kong, Hong Kong.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Hong Kong, Hong Kong
- **Region:** Asia
- **Address:** Hong Kong, Hong Kong
- **Founded:** 2007
- **Assets under management:** Undisclosed
- **Website:** www.twofishmgmt.com
- **LinkedIn:** https://www.linkedin.com/company/two-fish

## Regulatory record

- **Reports private funds:** No

## About

Two Fish Capital is a venture capital firm based in Surrey, United Kingdom. It has made one investment. The firm invested in Darkstore at Home in a Seed VC round on October 4, 2023.

## People

- Mike Morris — Founder, Director of Fundamental Research and Security Selection
- J.R. Sauder — Founder, Managing the Trade Desk, Technical Review, and Business Development

## Questions

### Who runs investment decisions at Two Fish Capital?

Mike Morris directs the firm’s fundamental research and security selection, while J.R. Sauder handles the trade desk and technical reviews of securities. Both are founders and serve as the portfolio managers responsible for investment decisions, according to the firm's website.

### What strategies does Two Fish Capital operate?

Two Fish operates two main strategies. The "Put" Income strategy writes out-of-the-money put options on equities the firm views as undervalued and lightly levered, with the goal of generating an income stream from premiums. The Holding Company (HOLDCO) strategy is conducted through Two Fish Partners, L.P., a Delaware limited partnership, and invests with both long and short exposures as a long-term holding company for accredited investors.

### How does Two Fish Capital serve registered investment advisors?

The firm works with RIAs in a sub-advisory capacity. It provides option idea generation, block trade execution, institutional-level commissions, risk analytics, and client reporting. The RIA retains full control of the end-client relationship while offering bespoke income strategies outside traditional fixed-income and REIT allocations.

### What is the investment philosophy behind the firm’s name?

The firm's investment mission is explicitly inspired by the Biblical accounts in the gospels of Mark and Matthew, in which Jesus Christ feeds a multitude with only two fish and five loaves of bread. Two Fish states this narrative shapes their approach to creating value from the resources with which they are entrusted.

### Which publicly discussed holdings are associated with Two Fish Capital?

The firm has published dedicated research on Barrick Gold and Occidental Petroleum. Principals have also discussed Barrick Gold in media interviews and maintained an archived resources page covering activist dynamics and deep-value theses around gold producers.

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Last updated: 2026-06-03T20:00:00.000Z

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