Centerstone Investors, LLC — 13F Portfolio

Centerstone Investors, LLC is an independent, employee-owned global investment management firm headquartered in New York, NY. Founded in the mid-2010s by Abhay Deshpande, formerly a key portfolio manager at First Eagle Investment Management, the firm is structured as a research-centric boutique focused on global value investing. Centerstone manages U.S. mutual funds (including global and international strategies), institutional separate accounts, and other advisory mandates for a mix of institutional and private clients. Centerstone emphasizes an absolute-return, capital-preservation ethos, drawing heavily on the founder’s experience managing unconstrained global portfolios through multiple market cycles. The firm seeks to provide global equity and balanced exposure through concentrated yet diversified portfolios of businesses with durable competitive positions and resilient balance sheets, supplemented at times by cash and precious metals–related holdings. In the U.S. regulatory framework, Centerstone Investors, LLC is an SEC-registered investment adviser and an institutional investment manager required to file Form 13F under CIK #1766788. These filings disclose the firm’s reportable long positions in U.S.-listed equities and certain equity-like instruments at each quarter-end. For a global manager, this 13F footprint includes domestic U.S. securities and U.S.-traded depositary receipts representing non-U.S. issuers, but it does not capture all non-U.S. positions, fixed income, cash, or gold bullion that may be relevant to the overall mandate. On an analytics platform, Centerstone’s 13F History can be reconstructed by aggregating all filings associated with CIK #1766788, yielding a time series of position-level data that supports replication studies and holdings-based diagnostics for the U.S.-listed sleeve of the strategy.

Centerstone Investors pursues a fundamental, bottom-up global value approach with a strong emphasis on capital preservation and prudent risk-taking. The investment philosophy is rooted in three pillars: 1. Quality and Resilience – Preference for businesses with durable competitive advantages, conservative balance sheets, recurring cash flows, and capable management teams. The firm often favors companies that can endure prolonged market or economic stress. 2. Valuation Discipline – Securities are purchased when they trade at a discount to the firm’s assessment of intrinsic value, providing a margin of safety. This typically results in a style profile best described as value-oriented with a quality and GARP overlay, rather than deep-value alone. 3. Global Opportunity Set and Flexibility – Portfolios are built from a global universe, including developed and emerging markets, and may include opportunistic exposures to gold-related securities or other diversifiers. Cash levels can vary and are used tactically when the opportunity set is less compelling. Centerstone’s mutual funds and institutional mandates are generally long-only, benchmark-aware but not benchmark-constrained. Portfolios tend to be relatively concentrated, with capital allocated to a focused list of high-conviction names while maintaining geographic and sector diversification. Holding periods are typically multi-year, and trading activity is driven more by changes in fundamentals or valuation than by short-term price movements. Within the Form 13F dataset, these attributes manifest as a diversified but intentionally curated set of U.S.-listed positions and ADRs, often spanning high-quality industrial, consumer, financial, technology, and healthcare franchises, alongside selective positions in gold miners or related vehicles. Reviewing the firm’s 13F Portfolio Composition across time allows allocators to see how the mix of sectors, regions (via ADRs), and individual names has evolved as valuation opportunities shift. By feeding the 13F holdings history into a Portfolio Simulator or Backtesting Service, one can build a long-only replication of Centerstone’s disclosed U.S.-listed idea set. This reconstructed capital path provides an evidence-based view of how the publicly visible portion of the strategy would have compounded through different market environments, while recognizing that it represents only part of the full global portfolio.

Centerstone Investors, LLC is a New York–based global value boutique founded by an experienced absolute-return manager with a track record in unconstrained international mandates. Its philosophy emphasizes capital preservation, quality, and valuation discipline, expressed through concentrated but diversified global portfolios and relatively low turnover. Within the 13F framework, Centerstone’s footprint under CIK #1766788 provides a structured view of the U.S.-listed and ADR component of that approach. By aggregating filings into a coherent dataset, an analytics platform can construct a 13F-based Historical Track Record for a portfolio that mirrors the firm’s disclosed holdings. Examining the evolution of this reconstructed capital trajectory, in conjunction with changes in 13F Portfolio Composition, can help allocators understand how the public portion of Centerstone’s strategy has navigated different equity regimes, sectors, and regional opportunities. Overlaying risk diagnostics—such as Max Drawdown Depth and a holdings-derived Sharpe Ratio—adds further context on the variability and risk-adjusted characteristics of the U.S.-listed sleeve when viewed in isolation. These insights, grounded in regulatory filings, complement but do not replace a full, mandate-level discussion with the firm. The key open question for allocators is how the behavior inferred from this 13F-based reconstruction compares with Centerstone’s complete global portfolios across changing macro and market conditions: does the U.S.-listed sleeve move in close alignment with the firm’s overall risk posture and opportunity set, or does it represent a distinct subset whose regime sensitivity differs from the broader, multi-asset global strategy?

Centerstone’s risk profile, at the mandate level, is designed around downside mitigation and preservation of capital over a full market cycle. The firm attempts to limit permanent impairment of capital by: - Focusing on financially robust companies with strong balance sheets and sustainable cash flows; - Maintaining valuation discipline to avoid overpaying for growth; - Diversifying across regions, sectors, and business models; and - Retaining the flexibility to hold cash and defensive exposures when opportunity sets are less attractive. Through the narrow lens of Form 13F, the observable risk characteristics are those of the U.S.-listed long-equity component only. Key dimensions of risk in the 13F-reported sleeve include: - Equity market sensitivity, as reflected in the aggregate beta of U.S. and ADR holdings to global and domestic benchmarks; - Concentration risk at the issuer and sector levels, determined by the weight in top holdings and sector allocations; - Factor tilts (quality, value, size, and sometimes low-volatility features) embedded in the selected securities. Using the 13F History as input, an allocator can reconstruct a shadow, long-only portfolio of Centerstone’s disclosed U.S.-listed holdings and run Performance Backtests Online. From this replication, it is possible to estimate volatility, downside behavior, and Max Drawdown Depth for the U.S.-listed sleeve. Combining these with a holdings-based Sharpe Ratio gives a concise summary of the trade-off between the reconstructed excess growth rate and the variability of that shadow portfolio. It is important to note that this 13F-based risk lens omits non-U.S. securities that do not trade in the U.S., fixed income, cash, and any precious metals–related exposures that may play a meaningful role in Centerstone’s live portfolios. As a result, the volatility and drawdown profile derived solely from the U.S.-listed long book may differ from the overall risk pattern of the firm’s global strategies.