All Cap Concentrated
The VELA All Cap Concentrated (ACC) Strategy seeks long-term capital appreciation by investing in a concentrated portfolio of stocks from a broad market capitalization spectrum, offering a unique exposure to our highest conviction ideas.
Guidelines
Benchmark:
Russell 3000
Typical Number of Positions:
20-30
Maximum Position Size:
10%
Top 10 Holdings Concentration:
40%
Maximum Industry Exposure:
25%
Maximum Sector Exposure:
35%
Maximum Cash Position:
20%
STRATEGY FACTS
As of 3.31.25
Composite Inception
7.01.20
Assets Under Management
AUM
$93.3m
Investment Vehicles
SMA
Standard Minimum
$2,000,000
PORTFOLIO MANAGERS
Jason Downey, CFA
Lead Portfolio Manager
& Research Analyst
23 Years Industry Experience
Jason joined VELA in 2020 and has served as a Portfolio Manager on the All Cap Concentrated and Income Opportunities strategies since inception and as a Portfolio Manager on the Small Cap strategy since October 2024. Jason is also a partner in our firm.
Jason began his investment career at Diamond Hill Capital Management in 2002, among the first research associates hired. Over his 18-year tenure at the firm, he held various roles, including Research Analyst, Sector Leader of the Industrials, Materials, Energy and Transportation Team, and Co-Director of Research.
Most recently, Jason served as Co-Portfolio Manager of Diamond Hill’s Long-Short Strategy.
Jason holds a B.A. from Ohio Wesleyan University.
Bobby Murphy, CFA
Director of Research;
Portfolio Manager & Research Analyst
18 Years Industry Experience
Bobby joined VELA in 2020 and serves our Director of Research, as well as a Portfolio Manager on the All Cap Concentrated, Large Cap Plus and Income Opportunities strategies. Bobby is also a partner in our firm.
Prior to joining VELA, Bobby served as a Research Analyst at Diamond Hill Capital Management covering the chemicals, paper, and packaging sectors.
Bobby’s industry experience also includes positions at Nationwide Insurance and Wachovia Bank.
Bobby holds an M.A. from The Ohio State University and a B.S. from the University of North Carolina at Chapel Hill.
Chris Brinich, CFA
Portfolio Manager
& Research Analyst
8 Years Industry Experience
Chris joined VELA in 2020 and is responsible for covering the Technology sector. In addition to his role as a Research Analyst, Chris joined the All Cap management team in January 2024 and Large Cap Plus in 2025. He is also a partner in our firm.
Prior to joining VELA, Chris worked at Rea & Associates, where he was responsible for valuation and transaction advisory services related to privately held companies. Chris began his career at DiPerna Advisors.
Chris holds a B.A. from Ohio Wesleyan University.
