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Distinctive characteristics of the Fund are:


  • Concentrated and All-Cap – The Fund invests in the manager’s best ideas, irrespective of the company’s size.

  • Low Turnover – We invest with the idea of holding a stock for many years.

  • Experienced Manager – Mark Oelschlager has over 29 years of investment experience.

Fund Description

Towpath Focus Fund’s objective is long-term capital appreciation.  The Fund is advised by Oelschlager Investments, and the portfolio manager is Mark Oelschlager, CFA.


The Fund invests primarily in U.S. equity securities and typically holds 25-40 positions in companies of any size.  It is concentrated not only in the number of stocks, but also in the number of sectors.  Turnover tends to be low; we invest with the idea of holding for many years.


Understanding the macro picture plays a large role in our research and it often leads us to investment themes and sector ideas.  As such, our investment process is a combination of top-down and bottom-up analysis: we determine the sectors in which we want to invest and then select stocks based on a combination of factors.  We are focused on a company’s fundamentals – with particular emphasis on its competitive advantages – and its valuation.  The greatest differentiating feature of the Fund may be our long-term mindset.  A quality business that is out of favor for short-term reasons is music to our ears.


Risk management is at the forefront of our portfolio management and is best summarized as being humble about the inherent uncertainty of the future, while trying to be fearful when others are greedy and vice versa.

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