1 Main Capital
1 Main Capital Partners, L.P.
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 8 investment theses and positions in 11 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year · follow all of 1 Main Capital for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Class A
- YTD−0.3%index +12.7%
- 1Y+3.1%index +15.7%
- Inception · total+346%index +211%
Index: S&P 500
| YTD | 1Y | Since inceptiontotal | |
|---|---|---|---|
| 1 Main Capital Partners, L.P. | −0.3% | +3.1% | +346% |
| S&P 500 | +12.7% | +15.7% | +211% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
This year the Fund initiated a position in WILD, a kids’ content company that recently completed the sale of its Peanuts (Snoopy) stake to Sony for C$630 million, which took the company from 5x net levered to net cash.
I more than doubled 1MC’s investment in LMB after weak Q2 results caused it to decline meaningfully to a level 75% below its 2025 highs.
I also reinitiated an investment in KKR and more than doubled our position in LMB after their share prices fell far more than any reasonable change in my estimate of intrinsic value.
Earlier this year, the Fund initiated a position in Hilton Grand Vacations (HGV), a global timeshare company that develops, markets, sells, manages, and operates timeshare resorts primarily under the Hilton Grand Vacations brand.
Also held
Its investment theses
- IWG plcSep 2026IWG is the world's largest coworking company with a capital-light managed-center model, high operating leverage on recurring fees, and trades at a depressed multiple of EBITDA and FCF.
- Limbach Holdings, Inc.Sep 2026Limbach is a mission-critical MEP/HVAC contractor with a high-margin owner-direct model, now entering data centers and consolidating a fragmented industry at low multiples with aligned management.
- KKR & Co. Inc.Sep 2026KKR is a scaled alternative asset manager growing AUM and fee-related earnings, positioned to capture retail flows and industry consolidation, trading at a low multiple of forward earnings.
- Hilton Grand Vacations Inc.Sep 2026Hilton Grand Vacations generates most profit from recurring financing and management fees, and at a sub-5x free cash flow valuation can retire ~20% of shares annually while delevering.
- Basic-Fit N.V.Sep 2026Basic-Fit is the dominant low-cost European gym operator with high operating leverage, a long penetration runway, improving capital efficiency, and trades at a depressed multiple of EBITDA and FCF.
- WildBrain Ltd.Sep 2026WildBrain is a deleveraged kids' content and licensing company with a high-margin capital-light FGL segment, strong contracted production, and trades at a very low multiple of depressed EBITDA with a likely sale path.
- Hilton Grand VacationsJun 2026Hilton Grand Vacations is a branded timeshare operator with recurring, capital-light cash flows, attractive financing economics, and a depressed valuation that could rerate as FCF compounds.
- DiaMedica TherapeuticsJun 2026DiaMedica Therapeutics is a clinical-stage biotech pursuing DM199 for stroke and preeclampsia, supported by prior KLK1 human data, a science-driven subgroup signal, and a long runway to key catalysts.