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Capital Concentrated in Conviction

An Entrepreneurial
Investment
Firm.

iolite Capital invests in mostly owner-operated businesses with significant potential that indices and others ignore. Since 2008, compounded at approximately 15% per annum.

~10
Positions globally
~15%
p.a. since inception
2008
Founded

Past performance is not indicative of future results.

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Iolite — the Viking navigation stone
The Viking's Compass

True North,
Even in the Storm.

Vikings navigated the open Atlantic with a stone.

Held to an overcast sky, a thin sliver of cordierite — iolite — revealed the position of the sun through cloud, fog, and storm. Its dichroism shifts from deep violet-blue to pale grey depending on the angle of polarised light, allowing the navigator to locate true north even when nothing else could. The Norse called it sólarsteinn — sunstone.

This is how they crossed from Scandinavia to Iceland, Greenland, and Newfoundland. Not by waiting for calm seas. By knowing where they were going when others could not see.

In capital markets, the equivalent of cloud and fog is consensus — index flows, institutional herding, the noise of quarterly cycles. Most investors navigate by what is visible: the benchmarks, the headlines, the most widely held stocks.

iolite Capital navigates differently. Concentrated fundamental analysis — like light through cordierite — cuts through the noise to find the value that the consensus cannot see. This is how we have managed capital through crisis, dislocation, and uncertainty since 2008. Not by predicting the storm. By knowing where true north is when one arrives.

— Robert Leitz · Founder & Managing Director

Investment Philosophy

Three Principles.
One Consistent Approach.

Concentrated

Entrepreneurs don't spread themselves across 30 ventures. They go deep on a few. iolite holds approximately 10 positions — each one the product of deep fundamental work, each one sized for conviction. The portfolio spans global geographies and industries not because of a mandate, but because value doesn't respect index composition. Concentration is not a risk. It is a prerequisite for genuine understanding.

Contrarian

Every great entrepreneurial success involved doing something the market or conventional wisdom said was unnecessary, impossible, or wrong. The same dynamic applies in investing. iolite targets businesses that are undervalued, misunderstood, or ignored — companies outside the index universe where institutional capital simply doesn't go. The edge is structural: passive investing is growing, and it systematically misprices exactly the kind of businesses that reward independent analysis.

Compounding

Entrepreneurs who built lasting wealth understood that the most important investment decision is often to do nothing — to let a great business compound rather than taking chips off the table. iolite holds positions for as long as the thesis is intact, across full market cycles. ~15% per annum since inception in 2008. Through the financial crisis, the sovereign debt crisis, the pandemic, the inflationary shock of 2022. Demonstrated. Not asserted.

About iolite Capital

The Firm

iolite Capital is a Swiss investment manager founded by Robert Leitz in 2008 and incorporated as iolite Capital Management AG in 2011. The firm applies private equity discipline to public markets — concentrating capital in undervalued, owner-operated businesses with durable cash-flow potential.

The portfolio holds approximately 10 positions, selected from a global investment universe with no benchmark constraints. Highly concentrated by position count, it is deliberately diversified across geographies and industries — the result of following value wherever it exists, not wherever an index points.

iolite is owner-operated. Robert Leitz built it from scratch, with his own capital at risk — the same way his portfolio companies were built. All investment decisions rest with him: no committees, no asset-gathering mandate, no institutional friction.

The firm works with a small and deliberately limited number of investors. New partnerships are rare.

Alignment & Structure
~10
High-conviction holdings
0%
Management fee · A-class
4%
Hurdle before performance fee
Owner
Operated · personal capital invested

A-class terms. Substantial personal capital invested alongside clients.

Market Structure

Built Against
the Index.

The shift from active to passive investing has become a structural distortion — not just a trend. Index funds allocate capital mechanically by index weight, without reference to business quality, valuation, or economic reality. What began as price-taking has evolved into price-setting.

The consequences compound. The most widely held stocks become the most overowned, regardless of merit. Companies outside the index universe — smaller businesses, owner-operated firms, companies in out-of-favour industries — are systematically undervalued and underowned.

This is not a temporary inefficiency. It is structural, and it is growing larger every year. iolite is designed as the deliberate opposite — a global portfolio of approximately 10 positions built entirely on fundamental analysis, with no reference to benchmark composition.

The Approach
Portfolio Selection

Who We
Invest In

iolite seeks businesses where the person running the company built it — and still has the majority of their personal net worth tied to the outcome. Not inherited wealth. Not options granted by a compensation committee. Capital that was genuinely risked, through uncertainty, through cycles, through the possibility of total loss.

A founder-operator with real skin in the game does not optimize for quarterly earnings, does not overpay for acquisitions to grow an empire, and does not issue equity at shareholders' expense. They think in decades. They protect downside instinctively. They build rather than extract.

These businesses are often smaller, less covered by analysts, and further from the index universe. That is precisely why they are available at compelling valuations.

The bulk of their value lies below the surface. That is exactly where we look.

Our Investors

Who We
Work With

iolite works with a select group of private and institutional investors — typically entrepreneurs and their heirs, and occasionally institutions that share the same orientation.

They have built wealth through concentration, contrarianism, and compounding — and they understand, often immediately, why a portfolio of 10 high-conviction positions managed by a single decision-maker with personal capital at stake looks different from what the financial industry typically offers.

They do not demand liquidity at the wrong moment, do not panic when a thesis takes time to play out, and do not measure success over a quarter.

New partnerships are rare. If this resonates, we would welcome the conversation.

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Why
iolite.

Four structural differences that define how iolite approaches capital management — and why they matter to the investors who work with the firm.

Alignment

Substantial personal capital is invested alongside every client. Robert Leitz built iolite with his own capital, runs it with his own capital at stake, and invests it in companies run the same way. The firm succeeds only when clients succeed.

01
Concentration

The portfolio holds approximately 10 positions — each a high-conviction bet grounded in deep fundamental work. Owning 30 positions or more is not a strategy — it is the illusion of one. Diversification emerges from following value globally, not from mimicking an index.

02
Accountability

All investment decisions are made by a single decision-maker. No committee to dilute conviction. No bureaucracy to slow action. No ambiguity about who is responsible for every outcome. This is what accountability looks like when it is structural, not rhetorical.

03
Transparency

Clients receive detailed, candid investor letters that explain every major decision — including the mistakes. This is the standard iolite holds itself to, and the basis on which it asks to be judged.

04
The Community

A Network Built on Intellectual Honesty
and Lifelong Learning

iolite is an active participant in the global value-investing community — presenting, exchanging ideas, and stress-testing thinking alongside some of the world's most rigorous long-term investors. These are not networking events. They are forums where serious investors hold each other to a high standard of analysis and intellectual honesty.

"Robert is one of Europe's most thoughtful value investors."

John Mihaljevic
— John Mihaljevic · Chairman, MOI Global
In Their Words

VALUEx has attracted some extraordinary investors, including… Robert Leitz. They have all become friends.

Guy Spier
Guy Spier
CEO, Aquamarine Capital

Robert Leitz manages iolite with the same principles that we apply in our company and investment style.

Ivo Raissakis
Ivo Raissakis
CIO, Früh & Partner

In an industry often dominated by short-term thinking, Robert Leitz stands out for his intellectual rigor and long-term perspective.

Vitaliy Katsenelson
Vitaliy Katsenelson
CEO, Investment Management Associates

Robert is an honest manager who does deep due diligence and always has interesting ideas.

Sophocles Sophocleous
Sophocles Sophocleous
Founder, FatAlpha

One of the most reflective people I know — Robert consistently brings deep insights and thoughtful perspectives to every conversation.

CA
CEO
Australia

Thank you, Robert, for all that you have done for my family. I cannot tell you how grateful we are.

CH
Private Investor
Switzerland
As featured in
Forbes BusinessWire Mining Weekly Yahoo Finance Investing News Network The Deep Dive Fundview FatAlpha MOI Global
Work with iolite

Built for Investors
Who Think Like
Owners.

iolite works with a select and deliberately small group of investors who share a long-term orientation and a belief that genuine concentration — in a few great businesses, run by great owners — is the most reliable path to compounding capital over time.

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The
Approach.

Capital Concentrated in Conviction

iolite's investment philosophy is not borrowed from a textbook. It is the same approach that has driven successful entrepreneurship for as long as markets have existed: concentrate on what you know best, do what others won't, and compound patiently over time. Applied to investing, this means a global portfolio of approximately 10 high-conviction positions — each one in a business where the gap between intrinsic value and market price is large enough to justify the risk of being early and wrong. No benchmark. No index weight. No diversification for its own sake.

Investment Universe

iolite invests globally with no geographic or sector constraints. In practice, this means smaller companies, owner-operated businesses, and firms in industries that attract limited institutional attention — precisely the areas that passive investing systematically underweights. These businesses are undervalued not because they are inferior, but because the market is not paying attention.

Portfolio Construction

The portfolio holds approximately 10 positions at any time. Position sizing reflects conviction and downside analysis — not index weight, liquidity ranking, or sector balance. Geographic and industry diversification emerges from following value globally. It is not engineered. The result is a portfolio that is simultaneously concentrated and genuinely diverse.

Investment Process

Each investment is assessed with a private equity mindset: balance-sheet resilience, cash-flow quality, governance, the integrity and capability of the owner-operator, and the durability of the competitive position. The central question is always whether the business can compound capital over a full cycle — not whether it will outperform next quarter.

Patience as Strategy

iolite holds positions for as long as the thesis is intact. Patience is not a constraint — it is the strategy. Most of the compounding in a great business happens after the obvious thesis has played out and less patient investors have moved on.

Risk

Risk at iolite is not defined by volatility or tracking error. It is the permanent loss of capital. Downside analysis precedes upside analysis. Every position is sized to survive being wrong.

ROBERT PAGE
Robert Leitz

Robert
Leitz.

Founder & Managing Director · iolite Capital Management AG

"Like the Viking's sunstone — which revealed the sun through cloud and fog — clear conviction lets us hold a true course long after the horizon has vanished."

Robert Leitz founded iolite Capital in 2008 and incorporated it as iolite Capital Management AG in 2011. He built it with his own capital, through the worst financial crisis in a generation, without institutional backing and without a safety net. That experience — the combination of genuine risk and genuine accountability — shapes every investment decision the firm makes.

He brings experience across public equities, distressed debt, restructurings, and complex capital structures, developed through prior roles at Glencore, TPG Credit, Goldman Sachs (European Special Situations Group), and KPMG Corporate Restructuring.

Robert holds an MSc from the University of St. Gallen (HSG), Switzerland, and wrote his master's thesis under the guidance of Prof. Eli Noam at Columbia University, New York. Beyond iolite, he has served as a board member of Opterion Health AG, Switzerland — advancing innovation in the treatment of end-stage kidney disease — and as former Finance Chair of the Entrepreneurs' Organization (EO) Zurich.

Since founding iolite, he has managed the portfolio through the global financial crisis, the European sovereign debt crisis, the pandemic shock, and the inflationary regime shift of 2022. Each cycle has sharpened the emphasis on balance-sheet resilience, downside discipline, and the willingness to act against consensus when fundamentals are clear.

Every investment is underwritten with a private-equity-style focus on cash-flow generation, governance quality, and long-term compounding potential. Since inception, the portfolio has compounded at approximately 15% per annum.

Robert is an active participant in the global value-investing community, presenting at and contributing to conferences including VALUEx Klosters, FatAlpha Value Cyprus, MOI Global, The Intellectual Investor Conference, Nordic Value, Good Investing, and EO Zurich.

Prior Experience
Glencore TPG Credit Goldman Sachs — European Special Situations KPMG Corporate Restructuring
📍 Pfäffikon SZ, Switzerland
NEWS PAGE
News & Insights

News.

Press releases, investment commentary, and selected excerpts — published as they happen. Full investor letters and portfolio reporting are reserved for the Inner Circle.

From the Desk

Latest
News.

The most recent press releases, memos, and commentary. The complete archive lives on the News page — full investor letters are available exclusively through the Inner Circle below.

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Registered Investors Only

The Inner
Circle.

Full quarterly letters, annual reports, investment memos, and portfolio commentary — shared in full with a small group of registered investors who have an existing relationship with iolite.

Complete quarterly and annual investor letters
Portfolio updates and position commentary
Investment memos and thesis write-ups
Direct access to Robert via reply

Access is by invitation or application only. iolite does not engage in general solicitation. Materials shared here do not constitute an offer or solicitation for the sale of any security.

CONTACT PAGE
New Partnerships

Get in
Touch.

iolite works with a small and deliberately limited number of investors. New partnerships are rare. If you are interested in learning more, please send a message and Robert will respond directly.

Email
Phone
Address
iolite Capital Management AG
Gwattstrasse 15
8808 Pfäffikon SZ · Switzerland
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iolite does not engage in general solicitation. Investments may only be made by financially sophisticated individuals who have a pre-existing relationship with iolite and meet certain investment standards.