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Theleme Partners LLP
Patrick Degorce · Hedge Fund · Long/Short Equity
Theleme Partners LLP is a London-based investment firm founded in 2009 by Patrick Degorce, a former founding partner of The Children's Investment Fund (TCI). The firm officially launched its operations in October 2010, focusing on global public equity markets. It is known for employing a high-conviction, fundamental approach, managing a concentrated portfolio of companies rather than a broad index. While its founder has roots in activist investing, Theleme explicitly avoids an activist mandate, instead prioritizing long-term capital appreciation through disciplined, research-driven stock selection. The firm is independent and partner-owned, serving a client base primarily composed of institutional investors such as endowments and pension funds.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +53.7% |
| YTD return | +52.5% |
| Sharpe ratio | 1.54 |
| Win rate | 38% |
| AUM | $2.3B |
| Inception | Oct 1, 2025 |
| Updated | Sep 4, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $2.3B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://thelemepartners.com |
Current Holdings
Updated on Sep 4, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| MRNA | Moderna Inc | 47.6% | +102.8% |
| META | Meta Platforms Inc. | 11.4% | -5.3% |
| UBER | Uber Technologies Inc | 10.8% | -6.5% |
| AMZN | Amazon.com Inc | 9.4% | +9.7% |
| TRU | TransUnion | 8.8% | -3.4% |
| EFX | Equifax Inc | 4.9% | -21.7% |
| EQIX | Equinix Inc | 4.8% | -3.0% |
| HDB | HDFC Bank Limited ADR | 1.5% | -1.9% |
| SIFY | Sify Technologies Limited | 0.8% | +2.9% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 31, 2026 | SELL | SIFY | 1.2% → 0.8% |
| Aug 31, 2026 | BUY | MRNA | 29.9% → 47.6% |
| Aug 31, 2026 | SELL | EFX | 6.1% → 4.9% |
| Aug 31, 2026 | SELL | META | 15.9% → 11.4% |
| Aug 31, 2026 | SELL | EQIX | 6.8% → 4.8% |
Investment Style Analysis
Theleme Partners LLP is widely recognized for employing a Long/Short Equity strategy. As of Sep 4, 2026, the firm oversees approximately $2.3B in assets under management (AUM). The portfolio demonstrates a clear preference for the Biotechnology and Internet Content & Information sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 31, Theleme Partners LLP made a significant move by reducing the position in SIFY. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Theleme Partners follows a fundamental, long-term, and valuation-centric investment philosophy. The firm utilizes a concentrated, high-conviction strategy to invest in global public equities, seeking to identify businesses with significant long-term growth potential that are trading at a discount to their intrinsic value. Its approach is characterized by rigorous bottom-up research and a commitment to holding positions over an extended horizon to capture value realization. Although the firm operates within a long/short equity framework, its primary focus remains on deep fundamental analysis of individual companies rather than macroeconomic trends or activist-driven catalysts.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Theleme Partners LLP.
Similar Investment Style
Based on Long/Short Equity.
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Frequently asked questions
How is the simulated portfolio for Theleme Partners LLP constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Theleme Partners LLP's largest holding?
As of the latest filing, Theleme Partners LLP's top position is Moderna Inc (MRNA), representing 47.6% of the portfolio. This reflects a high-conviction bet by the institution.
What is Theleme Partners LLP's historical performance and risk profile?
Our simulation indicates a total return of +53.7% with a win rate of 38%. Notably, the portfolio maintains a Sharpe Ratio of 1.54, suggesting an strong level of risk-adjusted returns compared to the broader market.
What sectors does Theleme Partners LLP primarily invest in?
Theleme Partners LLP has a strong preference for the Biotechnology sector, which makes up 47.6% of their disclosed assets. The portfolio also has exposure to Internet Content & Information, indicating a specific thematic focus.
Is Theleme Partners LLP's portfolio concentrated or diversified?
Theleme Partners LLP runs a highly concentrated portfolio with 9 disclosed positions. The top 3 holdings alone account for 69.8% of the total portfolio weight, suggesting a strategy that favors deep research into a few key names.
How has Theleme Partners LLP performed in 2026?
Our AI-simulated model portfolio for Theleme Partners LLP tracks a Year-to-Date (YTD) return of +52.5%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Patrick Degorce manage Theleme Partners LLP directly?
Yes, Patrick Degorce serves as the key portfolio manager for Theleme Partners LLP, overseeing the investment strategy and final capital allocation decisions.