Mattias Tharn, a Portfolio Manager at Brummer & Partners, presented a short equity idea at the 2025 Sohn London Conference. Brummer & Partners is noted as one of the largest European multi-strat hedge funds, managing over $10 billion in AUM.
Tharn operates a concentrated portfolio consisting mainly of 30 to 40 stocks. His process is based on forensic analysis of financial statements and regulatory filings, focusing on structural and operational risks in companies.
Prior to joining Brummer & Partners, Tharn worked at Marble Bar and Lansdowne Partners.
Also see:
- 2025 Sohn San Francisco Conference
- 2025 Delivering Alpha Conference
- 2024 Sohn London Investment Conference
- 2025 ETFGI Global ETFs Insights Summit
2025 Sohn London Conference: Brummer & Partners' Mattias Tharn
Investment Philosophy: Seeking the Embedded Narrative
Tharn believes narratives may reveal more symptoms than raw numbers seen in financial reports. He focuses deeply on understanding the customer, technology, service, and unit economics, which he deems as important as financial statements. This process helps decipher the competitive position of a company..
A key lesson shaping the investment process is the belief that paying more attention to what a company does not tell you may at times be more revealing for valuing a business than what is disclosed. Tharn noted that this approach helps frame the three essential questions for any investment thesis: What is it? Why does this mispricing exist? And when will it be repriced?
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