A concentrated value fund
Circle Rock invests in stocks that most investors overlook or actively avoid — businesses that require independent thinking to understand and patience to own. No leverage. No carry. A simple, disciplined approach applied consistently since 2019.
Why Circle Rock?
Our edge comes from a willingness to go where most investors have structural reasons not to — and the patience to wait for our thesis to bear out. It's deep value investing, built around conviction and the flexibility to go where the research leads.
Unconventional stock selection
We focus on small- and mid-cap value opportunities that are overlooked, misunderstood, or structurally avoided by most institutions — the kind of ideas that require genuine independent thinking and a contrarian mindset.
Proven outperformance over a full market cycle
Strong results in up markets, down markets, and recoveries. The record reflects a repeatable process — not a single favorable environment — applied with discipline over seven years.
Simple fees. Aligned interests.
One flat management fee. No performance carry. Each client's assets are held in an individually managed separately managed account (SMA), and we invest our own capital alongside clients.
Performance (gross of fees)
As a concentrated value fund, Circle Rock has generated proven outperformance over a full market cycle relative to both the Russell Midcap Value and Russell 1000 Value indices since inception. Request our one-pager for our full year-by-year performance history and fund overview.
Gross of fees. From 1/1/2019–12/31/2020, operated as the RiverPark Focused Value Strategy (composite). From 1/1/2021 to present, operated as the Circle Rock Focused Value Strategy (representative account). Past performance is not indicative of future results.
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Investment philosophy
Four principles that guide every investment decision — applied consistently since inception.
Free cash flow as the primary yardstick
The value of a business is ultimately determined by its ability to return cash to its owners. We use owner earnings and FCF yield to equity as our core measure of value — not earnings multiples or headline revenue.
Balance sheet discipline
If we're wrong on timing, we want to minimize the risk of permanent loss. We invest in well-capitalized companies that can withstand a negative event without distress. No portfolio leverage, ever.
Management as a critical variable
We evaluate management teams as business operators, capital allocators, and stewards of shareholder capital. A cheap stock run by poor capital allocators rarely delivers the returns the valuation implies.
A clear path to value realization
Owning a cheap stock is not enough. We look for management actively working to realize intrinsic value — whether organically, through capital allocation, or via a corporate transaction — before we commit capital.
The team
Chief Investment Officer
Erik Diamond
25+ years in long-only value investing. Former CIO at DCM Partners and Portfolio Manager for the RiverPark Focused Value Strategy. Analyst experience at Gotham Partners, ESL Investments, First Manhattan, and Porter Felleman. B.S. Finance, University of Illinois.
President & COO
Linda Wong
Operational and business-building experience spanning Bain & Co., American Express, and multiple startups, including as founder of a sustainable accessories brand. Brings a rigorous operating lens to the firm's strategy, infrastructure, and investor relationships. BA, Brown University; MBA, Columbia Business School.
Get in touch
We're happy to talk through our approach, our current portfolio, or simply answer questions.
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