Hitchwood Capital Management seeks to generate superior returns on capital while avoiding permanent impairment in value. The Hitchwood Capital Master Fund has broad and flexible investment authority, but its primary method is to invest in or short equity securities. Investments may include long or short positions in US or non-US publicly traded or privately issued or negotiated common stocks, preferred stocks, stock warrants and rights, convertible securities, currencies, options (purchased or written), futures contracts, commodities and forward contracts, corporate debt, bonds, notes, debentures or other obligations or debt assignments or participations, other fixed income securities, swaps (including interest rate, total return and credit default swaps), derivative instruments, fund interests and other securities, or financial instruments, including those of investment companies. The Master Fund sometimes takes large positions, resulting in a highly concentrated portfolio and it may also leverage its capital, sometimes significantly.Hitchwood generally makes capital allocation decisions based on bottom-up fundamental research. They focus on opportunities within certain business models or industries in which they have some specialized knowledge. Although these areas may change, at present, they include sectors within the following broad industry groups: consumer, technology, media and telecommunication, financials, business services, industrials, transportation, healthcare services, utilities, materials and energy. While Hitchwood typically invests in issuers domiciled in developed markets, they may also consider investments in nearly any domicile or market. In general, the Master Fund intends to maintain a net long bias.
