Perseverance Asset Management International

Perseverance Asset Management International is an alternative investment management firm based in New York, New York. The firm operates within the hedge fund and institutional investment space, managing capital through fundamentally driven equity strategies that emphasize deep research, concentrated positioning, and catalyst-aware security selection. The firm was founded by Daniel Jacobs, who serves as Chief Investment Officer and directs the firm's investment process, portfolio construction, and risk management framework. Perseverance Asset Management International files quarterly 13F disclosures with the SEC under CIK #0001802695, with initial filings appearing around 2020. This filing timeline means the firm's publicly observable equity positioning history encompasses several consequential market chapters — the post-COVID recovery rally, the 2021 growth and speculative equity peak, the sharp 2022 correction driven by inflation and Federal Reserve tightening, and the subsequent 2023–2024 recovery. This compressed but event-rich window provides a meaningful stress-test environment for evaluating the firm's investment discipline and adaptability. The firm's name — Perseverance — suggests a philosophical grounding in patience, conviction, and resilience through adverse conditions, qualities that align with the requirements of concentrated, fundamental investment approaches where thesis realization frequently demands extended holding periods and tolerance for interim volatility. Operating from New York's institutional investment epicenter, the firm has access to the deep informational networks, management access, and capital markets infrastructure that characterize the city's alternative management ecosystem. The firm's limited public-facing digital presence is consistent with institutional alternative managers that distribute through private placement channels and established allocator relationships rather than retail-facing marketing.

Perseverance Asset Management International employs a fundamentally driven equity strategy that combines rigorous bottom-up security analysis with an awareness of catalysts and inflection points that can unlock embedded value within individual holdings. The firm's 13F Portfolio Composition reveals a concentrated equity portfolio that reflects high-conviction research theses rather than broad-based market exposure — a defining characteristic of alternative investment mandates that seek differentiated alpha generation rather than benchmark approximation. The observable investment approach demonstrates particular affinity for technology and healthcare sectors, two domains that offer the combination of secular growth dynamics, intellectual property-driven competitive advantages, and frequent corporate catalysts — product launches, clinical trial readouts, regulatory milestones, strategic transactions — that create asymmetric return opportunities for well-researched investors. Beyond these core sector concentrations, the portfolio periodically features special situations and opportunistic positions across other sectors where the firm identifies mispriced securities undergoing identifiable operational, financial, or strategic transitions. Position sizing reflects the firm's conviction-driven philosophy. The Top 10 Holdings Concentration across disclosed filings is characteristically elevated, indicating a willingness to deploy meaningful capital behind the firm's highest-conviction ideas. This concentration discipline requires deep fundamental knowledge of each portfolio company — including competitive positioning, management quality, financial structure, and catalyst timeline — to justify the associated position-level risk. The approach stands in deliberate contrast to diversified strategies where position sizes are constrained by tracking error budgets or risk-parity frameworks. The firm's investment style spans the growth-to-GARP (Growth at a Reasonable Price) spectrum, targeting companies where fundamental quality and earnings trajectory justify current valuations or where temporary dislocations have created entry points below intrinsic value estimates. This hybrid orientation allows the portfolio to participate in secular growth themes while maintaining valuation discipline that provides a margin of safety — a particularly valuable attribute during periods of multiple compression such as the 2022 rate-driven correction. Turnover falls in the moderate to high range, reflecting the natural lifecycle of catalyst-driven positions. The Sector Allocation History shows meaningful evolution over the filing period, with sector weights shifting as the firm deploys capital toward emerging opportunity sets and harvests returns from positions where catalysts have been realized. This dynamic allocation behavior distinguishes Perseverance from static allocation models and reflects an actively managed portfolio where every position must continuously earn its place in the portfolio through ongoing fundamental assessment. The 13F disclosures capture only the firm's long equity positions, and as a hedge fund structure, the total portfolio likely includes short positions, hedging instruments, and potentially options or other derivatives that are not visible in 13F filings. The disclosed long portfolio therefore represents one dimension of what is likely a more complex, multi-leg investment strategy. This limitation is important context for researchers analyzing the 13F data, as the disclosed positions alone may not fully capture the firm's actual net exposure, risk posture, or return generation mechanics. INVESTMENT RISK PROFILE The risk characteristics of Perseverance Asset Management International's disclosed portfolio reflect the concentrated, conviction-driven approach that defines the firm's investment mandate. Several distinct risk dimensions emerge from analysis of the firm's filing history, creating a profile that diverges meaningfully from diversified long-only benchmarks. Concentration risk is the portfolio's most prominent structural characteristic. With significant capital allocated to a limited number of high-conviction positions, the portfolio's capital trajectory is heavily influenced by position-level outcomes. This concentration amplifies both the upside potential and the drawdown severity relative to broadly diversified strategies. The Volatility Profile of the disclosed long portfolio would be expected to exceed broad equity benchmarks, with realized volatility driven by both market-level movements and the idiosyncratic behavior of concentrated positions around company-specific events. Sector concentration introduces an additional risk layer. The portfolio's emphasis on technology and healthcare — while providing access to high-growth, high-innovation opportunity sets — creates correlation within the portfolio that can amplify drawdowns during sector-specific dislocations. Technology stocks experienced severe multiple compression during the 2022 rate-hiking cycle, while healthcare and biotech names are subject to binary regulatory and clinical outcomes that can produce discontinuous price movements. The degree to which the firm manages this sector concentration through hedging, position sizing constraints, or offsetting short positions (not visible in 13F filings) is a critical but partially unobservable risk management dimension. The Max Drawdown Depth during realized stress events represents a central risk metric for concentrated alternative strategies. The firm's filing history encompasses the sharp but brief COVID-19 crash of March 2020 and the more sustained 2022 bear market — two qualitatively different stress environments that test different aspects of portfolio resilience. The rapid V-shaped recovery of 2020 rewarded concentrated growth exposure, while the prolonged 2022 selloff punished precisely the growth and technology names that Perseverance tends to favor. The portfolio's behavior across these contrasting stress events — observable through quarterly filing analysis and historical replication — provides critical diagnostic information about the strategy's drawdown characteristics and recovery mechanics. Catalyst risk — the possibility that anticipated company-specific events fail to materialize, are delayed, or produce unexpected outcomes — is an inherent feature of the firm's fundamental, event-aware approach. Concentrated positions sized around specific catalysts are exposed to binary outcome scenarios where thesis invalidation can result in meaningful capital impairment before positions can be exited. The firm's management of this catalyst dependency — through position sizing discipline, stop-loss frameworks, or hedging overlays — determines whether concentrated exposure translates into persistent alpha or episodic large losses. The partial observability limitation of 13F disclosures is particularly relevant for Perseverance. As a hedge fund structure, the firm's actual net market exposure, short positioning, and hedging activity are not captured in the 13F long portfolio. The disclosed positions may therefore overstate the portfolio's actual directional risk if significant short or hedge positions offset the concentrated long exposure. Portfolio simulation and backtesting tools applied to the disclosed long positions can quantify the risk characteristics of the visible portfolio component, but researchers should interpret results with the understanding that the total portfolio risk profile may differ materially.

Perseverance Asset Management International presents the profile of a conviction-driven, fundamentally oriented alternative investment manager whose 13F disclosures reveal a concentrated equity portfolio anchored in technology and healthcare sectors with opportunistic positioning across special situations. The New York-based firm, led by Founder and CIO Daniel Jacobs, operates within the institutional hedge fund ecosystem, pursuing differentiated alpha through deep research, concentrated position sizing, and catalyst-aware investment selection. The firm's analytical profile centers on the interplay between concentration intensity and risk-adjusted outcomes. The Annualized Return (CAGR) derivable from historical replication of the disclosed long positions provides an initial measure of compounding behavior, though this metric must be contextualized by the understanding that 13F disclosures capture only the long equity dimension of what is likely a more complex multi-strategy portfolio. For concentrated alternative strategies, absolute return figures require pairing with drawdown and volatility measures to capture the full capital trajectory experience. The Sortino Ratio offers an especially pertinent efficiency metric for this type of concentrated, growth-oriented portfolio, isolating whether the firm's security selection and catalyst identification capabilities generate favorable asymmetry — meaningful upside participation with managed downside deviation. For strategies that accept elevated volatility in pursuit of differentiated returns, the Sortino Ratio provides a more nuanced assessment than the Sharpe Ratio by penalizing only harmful volatility while remaining agnostic to upside dispersion. The defining diagnostic question for Perseverance Asset Management International addresses the sustainability and regime-dependency of concentrated fundamental alpha: across the diverse and challenging market environments captured in its filing history — from the post-COVID growth supercycle through the 2022 rate-driven correction and into the AI-catalyzed technology rally of 2023–2024 — does the firm's concentrated, catalyst-driven approach demonstrate an ability to generate persistent risk-adjusted outperformance that transcends favorable sector tailwinds, or does its return profile exhibit pronounced cyclicality tied to the growth factor premium and the availability of sector-specific catalysts within its primary investment domains?