Quoted equities
Concentrated long-only book in cash-generating businesses. Global, but with a Bermuda + small-island bias where moats compound quietly.
J·A·T Industries · Subsidiary
JATC
Capital, deployed with conviction.
The trading and investment arm of J·A·T Industries. Bermuda-domiciled. Position-sized for asymmetric outcomes.
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Mandate
Three books, one discipline.
JAT Capital runs three concentrated mandates from Hamilton. Risk-budgeted, conviction-sized, no chasing.
Digital assets
Position-sized exposure to BTC, ETH and a tight basket of core protocols. No leverage. No discipline failures.
Operating reinvestment
Profitable J·A·T subsidiaries fund the next venture. Capital allocation at the holding level — no outside LPs at this stage.
How we deploy
Slow money, fast decisions.
№01
Conviction
Few positions, sized to matter. If it's not worth 5%+ of the book, it's not worth the slot.
№02
Patience
Quarters and years, not weeks. Time in market beats market timing — every single backtest.
№03
Position discipline
Written sizing rules, written stop rules. Decisions made before the price moves, executed after.
№04
Permanent capital
Capital that doesn't redeem. Lets us hold through drawdowns when forced sellers can't.
By the numbers
Concentrated by conviction.
Position sizing, hold periods, and capital structure that lets us think in cycles instead of quarters.
5+
Year minimum hold
12
Max core positions
100%
Permanent capital
0
Outside LPs
"The hardest thing in capital allocation is doing nothing. Patience compounds — activity rarely does."
— JAT Capital · Operating principle
Frequently asked
Straight answers, no spin.
No. JAT Capital deploys the holding company's own balance sheet plus reinvested earnings from operating subsidiaries. We're not currently structured as a fund, and we're not actively raising from LPs at this stage.
5+ years on the core book. Anything shorter is treated as a trade and runs through a separate sleeve with tighter sizing. We don't rebalance to a target weight — winners compound, losers get cut on thesis breaks, not on price action.
12 max core positions. Top 3 typically account for roughly a third of NAV. We'd rather hold 8 great names sized to matter than 40 mediocre ones sized to not.
Permanent capital structure, neutral fiscal regime, tight regulatory framework, and physical proximity to the wider Atlantic operating businesses. Capital sleeps where capital is treated like capital.
Written rules: starter at 2%, full size at 5%, max single position 15% at cost. We let winners run beyond max on appreciation. Stops are thesis-driven, not price-driven — we exit when the story changes, not when the chart does.
Illustrative target structure
Three sleeves, one balance sheet.
Illustrative allocation — not actual holdings. Positions and sizes rotate slowly. Available under NDA on request.
Balance
100%
Quoted equities
Concentrated long-only, global, small-island bias
50%
Digital assets
BTC, ETH, and a tight basket of core protocols
28%
Operating reinvestment
Subsidiary earnings deployed into the next venture
22%
Illustrative target structure
Names & weights.
A taste of the top of the book — sample positions across the three sleeves. Full register on request.
| Position | Sleeve | Thesis | Weight |
|---|---|---|---|
| Position A | Equity | Compounder · 7-yr hold | 12.4% |
| Position B | Equity | Small-island infrastructure | 9.8% |
| BTC | Digital | Permanent reserve | 14.1% |
| ETH | Digital | Settlement layer thesis | 8.6% |
| Élan | Operating | Reinvested earnings · concierge | 5.3% |
| Longtail | Operating | Year-1 launch capital | 7.8% |
| … | Available under NDA on request. | 42% | |
"Capital allocation is the only thing I can't outsource. Get this wrong, the rest doesn't matter."
Jibreel Talbot · Founder, J·A·T Industries
Allocators, let's talk.
Selective conversations only. We're not raising outside capital at the moment — but if you build operating businesses or run permanent-capital pools, drop a line.
Email JAT CapitalOperating from Hamilton, Bermuda