A concentrated, long-only portfolio of global equities—built through independent fundamental research and held with a long-term horizon.
The Firm
Avanto searches for investment opportunities globally and across sectors, focusing on small- and mid-cap businesses that are underfollowed by the market or undergoing internal structural or strategic change.
Founder & Managing Partner
Tom Cosper is the Founder and Managing Partner of Avanto Partners. Most recently, Tom spent four years as Partner and Managing Director at Bayberry Capital Partners LP, a concentrated, global long/short equity fund manager, where he played a key role in the firm's launch, the formation and development of its research process, and the buildout of the investment team and portfolio.
Prior to Bayberry, Tom led the value-oriented public equities team at Sonoma Capital, a single-family office hedge fund firm, and was an Analyst with Seawall Capital, a concentrated absolute return high-yield manager. Tom began his career in the investment banking division of Bear, Stearns & Co. Inc. and subsequently advised on homebuilding M&A and restructuring at Moelis & Company.
Tom holds an MBA from Columbia Business School and a BA in Finance from Michigan State University. He has invested the majority of his net worth in the Fund alongside Avanto's investors.
The Process
Avanto's process combines creativity in idea generation, rigor in research, and discipline in ownership.
Systematic screening for strong economics, thematic work on industries undergoing change, and industry relationships surface underfollowed opportunities. Saying “no” quickly keeps the process highly selective within a broad global universe.
Primary research across the value chain—customers, suppliers, competitors, former employees, and management teams—builds a variant view and a margin of safety before capital is committed.
Capital is concentrated in the highest-conviction ideas and underwritten over a multi-year horizon. Positions are often built in stages as evidence and market confirmation develop.
Investment Criteria
High-quality, growing businesses with durable economics
Small- and mid-cap names outside the market's attention
Internal structural or strategic change that the market misprices
Endlessly curious—seeking knowledge and challenging existing beliefs in pursuit of truth.
