Overview
Tycho Scopia Market Neutral Equity Fund employs a fundamental equity market neutral strategy, with a core focus on underfollowed and under researched US mid-cap equities. The team have a multi-sector approach, focussing on consumer/retail, financials/business services, healthcare, industrials and technology/telecom. Scopia Capital Management LP was founded in April 2001 and have employed the same consistent philosophy and approach over the entire duration of the firm.
Strategy & Manager
Fund Strategy
Since the firm’s inception, Scopia have pursued a consistent investment philosophy based on the following core tenet: a focus on delivering alpha from both sides of the book. To achieve this, Scopia employ a highly research intensive process focussed on the US mid-cap space, and seek to build relatively concentrated portfolios that show high levels of original thought versus the street, resulting in little overlap with common hedge fund names. For the long side, Scopia aim to identify companies with strong cash positions, valuable IP and sensible business models, and then focus on buying these business when the valuation is attractive. For the short side, they are generally seeking to identify businesses with fundamentally flawed businesses that are trading at high valuations.
Key Persons
Matt Sirovich - Founder & Co-Portfolio Manager
Prior to co-founding Scopia, Matt was a managing director of DLJ Merchant Banking Partners III, LP, a private equity investment partnership and an affiliate of Credit Suisse. In 1996, he was promoted to vice president of DLJ and, in 1998, he became Senior Vice President/Principal at DLJ. In early 2001, he was promoted to managing director at the youngest age in the history of DLJ Merchant Banking. He originally joined DLJ in 1992 as an Investment Banking Associate. From 1987 to 1989, he was a corporate finance analyst with Drexel, Burnham Lambert. In 1987, Matt earned a BS degree from Brown University magna cum laude and in 1992, he earned an MBA from Harvard Business School.
Jeremy Mindich - Founder and Co-Portfolio Manager
Prior to co-founding Scopia, Jeremy worked for Amici Capital (formerly Porter Orlin) as a short-focussed analyst and partner, specialising in emerging technologies in the communications and healthcare fields. From 1987 to 1995, he worked as a freelance journalist. In 1995, he received a journalism fellowship to study at Harvard University’s JFK School of Government, where he earned an MPA with a concentration in Economics and Finance. In 1987, Jeremy earned his BA and graduated Phi Beta Kappa from Wesleyan University with a major in Biology, which included four years of research in Genetics and Molecular Biology, and a teaching assistantship in Computer Science.
Jerome Lande - Deputy CIO
Jerome joined Scopia in 2016 and, prior to this, was the co-founder and Managing Partner of Coppersmith Capital Management between 2013 and 2016. From 1998 to 2011, Jerome was a partner at MMI Investments LP, overseeing research, trading and activism, as well as private equity investing at affiliate Millbrook Capital Management. Jerome graduated from Cornell university with a BA in Classics.
Disclaimer
The S&P 500 Index is comprised of a representative sample of 500 large-cap companies. The index is an unmanaged, float weighted index with each stock's weight in the index in proportion to its float, as determined by Standard & Poor's. The index is one of the most widely used benchmarks of U.S. equity performance. References to the S&P 500 Index are only included for illustrative purposes to show the general trends in the markets during the periods indicated and are not intended to imply that the investments in the Fund will be comparable to the indices either in composition or risk. It is not possible to invest directly in an index. Comparisons to indices and other benchmarks are unreliable indicators of future performance. In particular, the strategy used to generate the performance of the Fund vary from the strategies used to generate the returns depicted in the benchmark. Additionally, results of the Fund reflect the net realized and unrealized returns to an investor after deduction of all operational expenses, management fees, and performance allocations, while Scopia can make no representations as to the methodology used to generate the benchmark returns.
The information on this profile page is for illustration and discussion purposes only and is not intended to be, nor should it be construed or used as, financial, legal, tax or investment advice or an offer to sell, or a solicitation of any offer to buy, an interest in the Fund or any other funds for which Scopia acts as investment manager. Any offer or solicitation of an investment in any funds may be made only by delivery of a fund’s applicable offering materials, which will contain material information not included herein regarding, among other things, information with respect to risks and potential conflicts of interest, to qualified prospective investors. This profile page should not be used as the sole basis for making a decision to invest in any funds managed by Scopia. Although Scopia Capital Management LP is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”), this profile page has not been reviewed or endorsed in any manner by the SEC.
Performance
Class Performance
Commentary
Investment Manager’s Commentary – December 2025
The Tycho Scopia Market Neutral Equity Fund was up 1.4% for the month of December, while the S&P 500 was up 0.1%, including dividends. Our long positions contributed 1.0% and our short positions contributed 0.4% for the month (net). On a rate of return basis, the longs were up 1.5%, outperforming the S&P 500 by 1.4%. The shorts were down 0.5%, underperforming the market by 0.6% to our benefit.
The largest contributor on the long side was a position in a producer durables company generating an estimated net gain of 0.4% after the company announced a settlement agreement related to a prior battery recall and a change of CEO that was received positively by the market.
The largest detractor on the long side was a position in a consumer discretionary company generating an estimated net loss of 0.4% as the stock continued to decline after reporting fourth quarter earnings results that did not meet market expectations in late November.
The largest contributor on the short side was a position in a consumer discretionary company, generating an estimated net gain of 0.2% following general sector weakness related to inflation, potential tariffs and cautious consumer spending.
The largest detractor on the short side was a position in an autos/transportation company, generating an estimated net loss of 0.2% after the company announced it was launching a new business segment providing energy for AI datacenters through conversion of its used jet engines. The company also reported strong third quarter earnings and raised guidance.
On a sector basis, the fund’s largest contributor was industrials (0.6% estimated net gain). The fund’s largest detractor was healthcare (0.3% estimated net loss).
On a delta-adjusted basis, the fund ended the month with a gross exposure of 144% and a net exposure of -4%. On a beta-adjusted basis, the fund ended the month with net exposure of 2%.
Looking ahead to 2026 and beyond, we believe our portfolio is well positioned. While the attention of the investment world continues to be focused on more speculative areas of the market, we remain committed to our disciplined, intrinsic-value centered approach. We continue to focus on what we can control: rigorous fundamental research, prudent risk management, and the identification of mispriced securities on both the long and short sides. Our process has delivered strong long-term results precisely because we resist the temptation to chase speculative excesses. While we cannot predict when market dynamics will shift in our favor, we are confident that maintaining our discipline will position us to capture meaningful alpha when they do.
Important Information
Documents
Contact
Registered Office of the ICAV:
35 Shelbourne Road
4th Floor
Ballsbridge, Dublin
D04 A4E0
Ireland
Dealing Contact:
Tycho ICAV
Attention: TA Department
c/o Société Générale Securities Services
SGSS (Ireland) Limited
3rd Floor, IFSC House
IFSC
Dublin 1, Ireland
T: 00353 1 6750 300
F: 00353 1 6750 351
E: [email protected]
