Hidden Value Stocks Q2 2026 Issue: 1 Main Capital And Longriver Investment Partners

Welcome to the Q2 2026 issue of Hidden Value Stocks from Hedge Fund Alpha (formerly ValueWalk Premium).

This edition features Yaron Naymark of 1 Main Capital and Graham Rhodes of Longriver Investment Partners.

Namark selected a $1 billion market cap construction company and a $350M boat maker seeing three-year target of nearly ~2.5x and ~3.5x, respectively, for the two names.

Rhodes highlighted a Japanese gas and electric firm and an Asian vased network connectivity company as examples of his process.

Please contact us at [email protected] with any comments, questions or suggestions.

Jacob Wolinsky, Founder, Hedge Fund Alpha

Michelle deBoer-Jones, Editor-in-Chief, Hedge Fund Alpha

Meet Yaron Naymark of 1 Main Capital

Yaron Naymark founded 1 Main Capital in early 2018 and serves as chief investment officer of the firm. The firm is a concentrated, long-biased, value-oriented public equity investment partnership.

Before founding 1 Main, Naymark served in various roles over a decade, starting at Citi in the summer of 2008 – just as Lehman Brothers was collapsing. “My experience there taught me to be allergic to leverage and to always invest from a position of offense,” Naymark told Hedge Fund Alpha. “From there I moved to private equity, where I learned to conduct fundamental diligence skills and how businesses work and make decisions. I then worked at two public equity hedge funds before ultimately starting 1 Main.”

Early entrepreneurial experience

Growing up in southern Florida, Naymark was surrounded by entrepreneurs. His parents and many of their friends ran their own businesses, despite not having “fancy degrees,” although Naymark said some of them achieved real financial independence “through sheer hustle and smart decision making.”

“I found that fascinating as a kid,” he added. “While all the other kids were off doing other things, I’d hang around the adults listening to them talk shop – customer problems, managing employees, how to grow. I didn’t realize it at the time, but that was my first investing education.”

An early decision

As he read Warren Buffett’s annual letters during high school, Naymark decided early on that he wanted to manage money. However, he didn’t have much of a road map for how to start from scratch and get there.

Naymark feels he was lucky to land a banking job out of college, which turned out to be a great training ground before going into PE. Thinking the control structure and long duration made private equity the ideal investing vehicle, he later realized that he preferred the “intellectual nature” of the public markets. After five years at two different hedge funds, Naymark felt ready to launch his own fund.

“The timing wasn’t perfect – it never is,” he said. “But I knew that if I didn’t do it before I had real financial obligations, I probably never would. Starting a fund from scratch is a grind, and I wanted to go through that grind at a stage of life where I could absorb the downside. If it didn’t work out, I was confident I could land somewhere good. That made the decision easier.”

Naymark was not an experienced portfolio manager when he launched 1 Main Capital, although he was confident that he was a good business analyst and risk manager, feeling he had seen enough investment theses play out in real time with real capital to understand his process and trust it.

He also invested almost all his net worth into the fund, as did some of his closest family and friends. Naymark said that level of skin in the game helped keep him focused on the mission.

Meet Graham Rhodes of Longriver Investment Partners

Graham Rhodes founded Hong Kong-based Longriver Investment Partners and serves as chief investment officer of the independent investment manager. Before starting Longriver, he worked in investment banking and then on both the buy side and sell side of public equities.

The journey

Later, Rhodes served as head of research at a family office, where he advised the principal and managed a portfolio of global equities and bonds.

“Longriver is the result of that path,” he told Hedge Fund Alpha. “I began with Chinese equities, expanded to regional coverage, and eventually to global investing. The common thread is that my view of business, risk and governance was shaped in Asia, and I now apply those lessons globally. When I started the firm, I wanted to keep it as simple as possible. I run one strategy and invest my own family’s capital alongside clients. I wanted clients to feel they were dealing with a person rather than an institution and to judge the business by the quality of my thinking and behavior over time.”

Rhodes added that the firm’s structure is simple, but he has cultivated a spirit of partnership there.

Describing Longriver as “global value investing from Asia,” he explained that the strategy is global. Despite being based in Hong Kong, Rhodes doesn’t restrict the portfolio to Asia or Hong Kong. He invests globally, seeing an opportunity set wherever he can find the best risk/ reward.

Advantages of a base in Hong Kong

Rhodes also said that their lens is shaped by Asia, which he described as a “demanding training ground.”

“It teaches you quickly that capital cycles matter, that governance can decide outcomes, and that minority shareholders do not always come first unless management makes them,” he explained. “That keeps me focused on supply over headlines, incentives over narratives, and the ability to self-fund growth over stories about total addressable markets.”

Rhodes feels that being based in Hong Kong is also a key advantage, meaning listings there are often “windows into the supply chains that knit the global economy together.”

“You can see which Asian businesses are moving up the value chain and which Western firms the region still depends on for critical components, software and services,” he added. “That helps me follow value chains across regions rather than think in silos.”

According to Rhodes, this practice is geared toward long-term partners comfortable with “concentration, benchmark deviation and periods when compounding looks lumpy rather than smooth.”