About

Benham Capital is an investment fund that focuses on public market investments and technology that will transform the world. We started in crypto, but we are expanding beyond into other technology investments.

Portfolio Construction

We invest in companies that are poised to overtake a market as the technology changes. Our edge is identifying the companies that are going to change the world in 1-5 years.

We generally own less than 10 investments, and we split up the allocation of capital like so:

  • 20-25% of all capital - For the biggest position in the fund
  • 15-20% For the next largest position in the fund
  • 10-15% For the third largest position
  • 5-10% For the fourth
  • 5-10% For the 5th
  • 2-5% For the next 5 investments

We always hold a bit of cash, to buy opportunistically in down markets and volatility.

Macro

We follow macro but we are not macro investors. We believe a few small things about macro:

  • The debt is too large for western governments around the world. We believe massive inflation, and debasement of the USD, is the only way to pay down the debt.
  • Trump wants the stock market to go up, and he will make that happen while he is in office.
  • This means cash is trash over the next 4 years, and BTC and gold will do well.

Otherwise we do not focus on macro at all. It is too big and complex a topic. We focus on companies that should have revenue gain based on future technological trends. As the exponential curve of new technology growth is so steep, it can dwarf all other factors.

Investments

  • Crypto / Open Finance - Crypto is redefining money, in a transition we are calling “Open Finance”. Bank, fintechs, and crypto are all going to have a wild decade and there will be many opportunities to make a great return.
  • AI - AI is already adding insane levels of productivity. The adoption of AI is not evenly distributed, and the companies and industries that can take advantage of this are going to grow faster than their competitors.
  • Following but no investments yet - AI, Drones, Biotech, Robotics, Energy.

Contact

That’s Benham Capital. It’s quite a simple thesis, and it needs to stay simple. If you’d like to chat, contact us at dave@benham.capital, or follow our newsletter.