iolite Capital is a Swiss investment manager founded in 2008, led by Robert Leitz.
iolite employs an active approach that blends the rigorous analysis of private equity with the flexibility and reach of public market investing. The firm manages a concentrated portfolio focused on misunderstood, out-of-favor and overlooked businesses with durable cash-flow potential.
iolite is owner-operated, with full responsibility for capital allocation and portfolio construction held by its founder. The firm is structured to prioritize long-term compounding and alignment with clients.
iolite serves a select group of private and institutional clients who share an entrepreneurial mindset, are committed to long-term investing, and value direct access to a dedicated portfolio manager with meaningful personal capital invested alongside them.
BUILT TO WIN OUTSIDE THE CONSENSUS
The structural shift from active to passive investing has evolved into a destabilizing phenomenon, leaving the market dominated by players largely indifferent to valuation.
-
Passive index funds allocate capital mechanically based on index weights, without regard to business quality or intrinsic value. What began as price-taking has evolved into large-scale price-setting.
-
Retail investors often lack the tools and experience required to assess fundamentals.
-
Technical and systematic traders prioritize price patterns and trading signals
over business value.
As a result, capital is increasingly allocated based on flows, momentum, and narratives rather than economic reality.
iolite focuses on opportunities where price diverges from intrinsic value and where rigorous fundamental analysis can uncover cash-flow potential that is not reflected in market prices.
The investment process emphasizes patience, independent thinking, and the willingness to be early and alone when fundamentals justify it. Capital is deployed based on absolute return potential, not index composition or short-term market narratives.
By avoiding crowded sectors, popular themes, and momentum-driven allocations, iolite seeks to provide a structural hedge — diversification and protection when heavily owned markets unwind and correlations rise. This positioning enhances resilience and reduces dependence on broad market sentiment.
EDGE
iolite is structured to make high-quality investment decisions without institutional friction.
The firm operates with a single decision-maker, no investment committees, and no asset-gathering mandate. This enables speed, accountability, and consistency across market cycles.
Incentives are aligned through substantial personal capital invested alongside clients. The firm’s economics are driven primarily by long-term performance, not assets under management.
High portfolio concentration ensures that capital is allocated only to the most compelling opportunities and that research depth is maintained across all positions.
EXPERIENCE & TRACK RECORD
Robert Leitz brings experience across public equities, distressed debt, restructurings, and complex capital structures, gained through prior roles at Glencore, TPG Credit, Goldman Sachs (European Special Situations), and KPMG Corporate Restructuring.
Since founding iolite in 2008, the firm has navigated multiple market cycles, including the global financial crisis, sovereign debt crisis, pandemic shock, and inflationary regime shift.
Each investment is underwritten with a private-equity-style focus on balance-sheet resilience, downside protection, governance, and long-term cash-flow generation.
Investment letters and case studies provide transparent insight into portfolio decisions, performance drivers, and lessons learned over time.
WHY IOLITE
Partnering with Investors: iolite works with a select group of private and institutional investors who value independence, alignment, and disciplined long-term ownership.
Alignment: Significant personal capital is invested alongside clients.
The firm succeeds only when clients succeed.
Focus: The portfolio is concentrated and benchmark-agnostic,
designed to compound capital over full business cycles.
Transparency: Clients receive regular, candid communication through
detailed investor letters and direct access to the portfolio manager.
Accountability: All investment decisions and outcomes are fully attributable,
with no delegation and no diffusion of responsibility.
Selectivity: iolite partners only with investors who share an
entrepreneurial mindset and a long-term orientation.
IS IOLITE FOR YOU?
iolite is designed for investors seeking a highly aligned, independent, and concentrated approach to long-term capital compounding, grounded in fundamental analysis, intellectual honesty, and emotional discipline.
It is not designed for investors focused on short-term performance, frequent portfolio turnover, benchmark-relative positioning, market trends and popular narratives, or those seeking to boast about near-term results.
iolite does not claim to have a crystal ball. Successful investing is viewed as a function of disciplined process, rational decision-making, and the ability to distinguish between price and value, rather than prediction or brilliance.
Working with the BEST COMMUNITY
Partners
We bring you exclusive insights from Europe's most thoughtful investors, including Robert Leitz (iolite), Howard Marks (Oaktree), Guy Spier (Aquamarine), and many more!
John Mihaljevic
Chairman, MOI Global