THE SHARED FRAMEWORK
From Dislocation to Disciplined Conviction
Eclipse Fund and Nova Fund, ABCD Fund's two intended launch strategies, share one research and risk discipline. Fundamental equity positions pass through the same three pillars; Nova's options, gold, and multi-asset strategies follow specialised assessment paths under the same risk standards.
Nothing skips a stage. Most candidates stop along the way; that discipline is intentional, not a shortfall.
- Three Sequential Pillars
- One Continuous Risk Overlay
- Human Review at Every Advance
Three Pillars, One Continuous Process
Every fundamental equity candidate, for Eclipse or for Nova's long-term growth core, moves through Opportunity Screening, Deep Discovery Research, and Valuation Realisation in the same order. Each stage has its own inputs, its own evidence bar, and its own output. Between stages, a documented gate decides whether an idea advances or stops. Nova's options, gold, and multi-asset strategies use specialised assessment and approval paths suited to event structure, payoff profile, macro regime, and liquidity, governed by the same shared standards for evidence, defined risk boundaries, and disciplined exits.
Pillar I
Opportunity Screening
Inputs
Market dislocations, forced selling, earnings resets, and sentiment extremes surfaced across the investable universe.
Evidence Required
A bounded, quantifiable downside scenario and an identifiable catalyst, checked against liquidity and concentration limits.
Output
A qualified opportunity with a preliminary risk assessment
Pillar II
Deep Discovery Research
Inputs
Business model durability, management quality, competitive position, balance sheet resilience, and catalyst timeline.
Evidence Required
A validated thesis tested against bull, base, and bear scenarios, with a documented market-expectation gap.
Output
A conviction tier and position-size allowance
Pillar III
Valuation Realisation
Inputs
The validated downside boundary, conviction tier, and position-size allowance carried over from Deep Discovery Research.
Evidence Required
An entry price inside the validated downside boundary, and a defined risk boundary, thesis-invalidation condition, and exit protocol established before entry.
Output
An active position with a defined risk boundary, exit plan, and scheduled thesis review
Gate 1: Screening to Deep Discovery
Advances When
The mispricing is temporary, the business can survive the stress period, and a measurable margin of safety exists.
Stops Here When
Impairment looks permanent, downside can't be bounded, or no credible catalyst exists within a foreseeable horizon.
Gate 2: Deep Discovery to Valuation Realisation
Advances When
Research validates the core thesis and the risk-reward clears the bar for the assessed conviction level.
Stops Here When
The thesis can't be validated, the downside is too wide, or catalyst probability is judged insufficient.
Most candidates stop at Screening or Deep Discovery; that is the expected outcome, not an exception. Positions that later miss a milestone or see their risk-reward compress are returned to review rather than held on inertia.
Discipline Across Every Stage
Risk Is Not a Fourth Pillar — It Runs Through All Three
Risk management isn't a checkpoint at the end of the process. It is embedded in Screening, in Deep Discovery, and in Valuation Realisation alike, and none of the three can be skipped to reach the next.
Eclipse and Nova Share the Framework, Not the Mandate
Eclipse Fund and Nova Fund are ABCD Fund's two intended launch strategies. Fundamental equity positions in both funds pass through the same three pillars and the same risk overlay; Nova's tactical strategies follow specialised paths under the same risk standards. What differs is the opportunity set each mandate is built to pursue.
Crisis Upside · Concentrated
Eclipse Fund
Absolute Return · Diversified
Nova Fund
For a full side-by-side comparison of objectives, risk character, and portfolio role, see Eclipse and Nova, compared →
Systems Assist Research. People Approve Decisions.
Research across ABCD Fund draws on fundamental analysis, alternative data, and quantitative or scenario-based tools. These tools assist research and monitoring; they do not replace human judgment.
Every position is reviewed and approved under the relevant fund's investment authority before capital is committed, and re-tested against conditions throughout the holding period. Each strategy is led by its specialist investment lead, supported by shared investment, research, and risk oversight.
Every Eclipse equity position and every Nova long-term equity position receives a full investment memo; Nova's options, gold, macro, multi-asset, and hedging positions receive a structured trade rationale. Each record documents the thesis or signal, sizing, key risks, invalidation conditions, and exit protocol.
Where Human Review Applies
Explore Each Stage in Full
Each pillar and the risk framework itself have a dedicated page covering the process in complete depth.
Ready to Learn More?
For qualified investors seeking a closer look at how this framework applies to Eclipse Fund and Nova Fund.
Request Briefing