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Nick Sleep

Nomad Investment Partnership

United Kingdom

3.0

Nick Sleep — Investment style

Growth6Value

Seeks undervalued quality businesses with lasting growth

Macro9Companies

Focuses on business economics rather than macro forecasts

Quantitative8Qualitative

Prioritizes business culture and customer-focused models

Short term9Long term

Holds exceptional businesses for long-term compounding

Concentrated1Diversified

Concentrates capital in a few high-conviction holdings

Aggressive4Conservative

Favors resilient firms but accepts large drawdowns

Leveraged9Unleveraged

Avoids borrowed capital and focuses on cash equities

Short9Long positions

Focuses on long equity ownership rather than short selling

Innovative5Traditional

Favors shared scale economies across diverse industries

Alternative assets9Stocks

Focuses on long-term ownership of company shares

Style and evaluation scores are subjective HappyStock editorial assessments.

Evaluation scores

Long-term excess returns10/10

Earned 18.4% net annually from 2001 through 2013

Performance consistency7/10

Strong long-term returns despite major losing years

Downside protection3/10

Nomad declined 45.3% in the 2008 financial crisis

Replicability7/10

Clear principles but extreme patience is hard to copy

Explosiveness9/10

Nomad gained 79.6% before performance fees in 2003

Top 3 investment successes

Long-Term Amazon Investment : In the mid-2000s, Sleep recognized that Amazon reinvested scale efficiencies in lower prices and better service, strengthening its competitive advantage Nomad increased its position and held Amazon as a core investment through the partnership’s closure in 2014
Costco Membership Model Investment : Nomad bought Costco at approximately $30 a share in 2002 after recognizing how membership fees and low prices reinforced customer loyalty and scale advantages By 2004, Costco represented roughly 10% of fund assets and became a successful long-term holding
Berkshire Hathaway Long-Term Holding : Nomad owned Berkshire for about a decade before selling its shares when the partnership closed in 2014 In a letter to Buffett, Sleep said Berkshire had contributed significantly to the roughly $2 billion in total gains produced for Nomad investors across all holdings

Top 3 investment setbacks

Conseco Bankruptcy Loss : Conseco filed for bankruptcy protection in 2002 after losses on manufactured-housing loans undermined its insurance capital Nomad investors lost approximately $5 million Sleep acknowledged that anchoring on his original valuation delayed recognition of worsening business risks
Premature Stagecoach Sale : Nomad purchased Stagecoach at 14 pence and sold shares for as much as 90 pence, but the stock exceeded 250 pence by 2007 Although the sale was profitable, Sleep estimated that underestimating the business’s long-term potential had cost investors about $12 million in missed gains
MBIA Bond Insurer Investment Loss : In 2008, Nomad bought MBIA after write-downs, capital raisings and a management change Sleep underestimated further credit losses and potential shareholder dilution The subsequent price decline cost the fund approximately 1.5% of its net asset value

Top 10 reported SEC 13F holdings

No 13F holdings have been reported.

SEC 13F covers reported positions of an associated investment manager, not the investor’s full current portfolio.