Master Profile

Connor Haley: Investment Profile & 13F Holdings

Alta Fox Capital Management

Connor Haley's investment career, philosophy, and public 13F holdings through Alta Fox Capital Management.

Early Life and Education

Connor Haley's passion for investing was evident from his university years, when he was already a well-known campus investment star at Harvard. Harvard Scholar: He graduated magna cum laude from Harvard College with a Bachelor of Arts in Government. Campus Investment Legend: During his studies, he served as President of the Harvard Financial Analysts Club, the largest undergraduate finance organization at Harvard. Under his leadership, the club's managed fund achieved record annual returns, laying the groundwork for his future career. Early Experience: While still in college, he interned at Goldman Sachs' renowned Special Situations Group, gaining experience in handling complex assets.

Investment Career

Connor Haley launched his career at a top New York hedge fund before returning to Texas to found his own firm, quickly emerging as a rising star in small-cap investing. Scopia Capital Years: After graduating in 2014, he joined New York-based Scopia Capital Management. He was the firm's first analyst hired directly from an undergraduate program. Over his four years at Scopia, he focused on investments in consumer, TMT (technology, media, and telecom), and industrial sectors. Founding Alta Fox: In 2018, he returned to his hometown of Fort Worth, Texas, and founded Alta Fox Capital Management. Rapid Rise: With a sharp eye for small-cap opportunities, Alta Fox's assets under management grew quickly. Despite starting modestly, the firm's outstanding performance (reportedly generating extremely high annualized returns in its early years) attracted capital from numerous institutional investors and family offices. Notable Campaign: His most famous battle was his activist campaign against toy giant Hasbro. In 2022, he publicly called for Hasbro to spin off its highly profitable Wizards of the Coast division. While the effort did not fully succeed, it significantly raised his profile on Wall Street and prompted improvements in corporate governance.

Investment Philosophy

Connor Haley is the archetype of a "modern small-cap hunter," blending deep fundamental research, long-termism, and constructive activism when necessary. Seeking "Hidden Gems": His core strategy focuses on high-quality small-cap stocks that are overlooked by institutions and misunderstood primarily due to their small size or complexity. He tends to look for mispriced opportunities caused by non-fundamental factors—such as poor liquidity or forced selling from index rebalancing. Multibagger Focus: He has an almost obsessive interest in multibaggers. He led his team in analyzing the top 100+ best-performing stocks over the past five years, attempting to decode their common traits (such as high barriers to entry, exceptionally high returns on capital, etc.). Constructive Activism: While typically a friendly long-term holder, he does not hesitate to turn activist when management underperforms or capital allocation is severely flawed. Beyond Hasbro, he successfully intervened in the privatization/buyout situations of Collectors Universe and Enlabs, securing significantly higher prices for shareholders through public engagement. Rejecting "Growth at All Costs": He emphasizes high-quality growth, places great weight on unit economics, and opposes cash-burning growth with no clear path to profitability.

Personal Life

Connor Haley keeps a relatively low profile in his personal life and is primarily active within the Texas investment community. Texas Roots: He lives and works in Fort Worth, Texas, a location that allows him to escape the "herd mentality" of Wall Street and maintain independent thinking. Community Contributions: He is a top contributor and a #1 ranked investor in the well-known MicroCapClub, where he frequently shares deep research, working to raise the professionalism of small-cap investing. Competitive Spirit: In numerous interviews, he displays a strong competitive drive and desire to win, rooted in his early experiences participating in—and repeatedly winning—various investment competitions.

Books and Writings

While Connor Haley has not published books, several of his in-depth research reports have circulated widely in the investment community and are regarded as textbook examples of small-cap research. "The Makings of a Multibagger" (《百倍股的炼成》): This is a slide deck spanning over 600 pages. He and his team conducted an extensive analysis of the world's best-performing stocks and distilled the common characteristics of "high-return stocks." Many young analysts consider it required reading. Hasbro Activist Presentation (孩之宝激进投资简报): During his Hasbro campaign, he published a detailed white paper explaining the undervaluation of the Wizards of the Coast division. The document showcased his ability to dissect corporate value as deeply as a private equity investor. Quarterly Investor Letters: His quarterly letters (such as his analyses of Daktronics or Pathward Financial) are typically dense with detail, disclosing not only portfolio holdings but also his deep discussions of business models and capital allocation.