Global value investor Abhay Deshpande has launched Centerstone Investors, an employee-owned asset management firm headquartered in New York. Previously, Deshpande was a Portfolio Manager at First Eagle Investment Management where he co-managed the vast majority of the firm's approximately USD100 billion.
Centerstone will initially offer two value-oriented strategies to retail and institutional investors.
The two risk-managed strategies are available in mutual fund and institutional separate account vehicles and will be managed by Deshpande, who serves as Chief Investment Officer of Centerstone, along with an investment team averaging 15 years of investment management experience. The strategies include the Centerstone global multi-asset strategy, focused on investing in both US domestic and foreign assets and is employed by the Centerstone Investors Fund (CENTX). The related strategy, the Centerstone international strategy, is focused on investing in markets outside the US and is utilised by the Centerstone International Fund (CINTX).
The strategies will be managed according to Centerstone's operating principles, which govern the firm's approach to investing in what it believes are undervalued assets to potentially derive value for clients over a long-term investment horizon, while seeking to protect against the risk of loss of principal.
"Through Centerstone we hope to address a significant need for investment strategies that effectively seek to manage risk and utilise active reserve management in an effort to preserve value for investors," says Deshpande. "It's our intention to manage Centerstone's multi-asset strategies in such a way that they can serve as core holdings for patient investors concerned with managing risk."
Most recently Deshpande served as a Portfolio Manager at First Eagle Investment Management, where he co-managed the vast majority of the firm's approximately USD100 billion across strategies including the First Eagle Global Fund and First Eagle Overseas Fund. Prior to his 15-year tenure at First Eagle, Deshpande served as an investment analyst for Harris Associates' Oakmark International Fund and Oakmark International Small Cap Fund. He spent his early investing career as an analyst for Morningstar and Conservative Asset Management, the latter a Kentucky-based boutique investment advisor.
"Our objective is to own good businesses at good prices. We're investors, not speculators," says Deshpande. "By adhering to our time-tested intrinsic value methodology, it's our goal to keep our Funds nimble enough to take advantage of opportunities as they arise on behalf of our investors."