There is no management fee. The fund only accepts payment for performance. The performance fee is allocated on an annual basis and only if the fund produces a profit above a hurdle rate of 6%. This fee is 25% of the profits above the hurdle rate and must further be above any previous high-water mark. As an example, if the fund earns 26%, management earns 5% and the investor earns 21%, unless there were a loss in the previous year, in which case management earnings would be reduced.

The minimum required subscription amount is $200,000 committed for a lock-up period of one full year. Subsequent amounts of at least $25,000 may be added at the start of any month. Withdrawals may be taken at the start of a quarter after providing 30-day’s notice.

Fieldsong’s core strategy was developed in late 2015 by its portfolio manager and managing partner, Yuval Taylor. For the eight years through 2023, before deciding to launch the fund, his annualized return was 46%, with no negative returns in any of those calendar years.

The fund launched in May 2024 and had a rough start. But its 2025 return was 57.61% and its 2026 return (as of September 30) was 21.01%. Overall, its CAGR is 25.52%, its Sharpe ratio is 1.11, it's Alpha is 15.09%, and its beta is 0.64.

Yes. We have a feeder fund based in the British Virgin Islands that exists specifically to serve the needs of off-shore or U.S. retirement account investors.

I wanted to significantly increase the amount of money I could donate to charitable organizations. In addition, many of my friends and associates wanted me to manage their money.

I use multifactor ranking systems. Some of the factors, such as earnings yield, are commonly used. But others have an edge. I am always developing novel factors. I use a lot of factors that favor either middling (not too high or low) or stable (unchanging) values. I do an exhaustive amount of research and development, and one key reason is that factors often don’t work on their own: they must be considered in combination. Ranking enables me to consider hundreds of factors at once. By varying the weights of factors, I can emphasize some factors over others in accordance with their tested merit.

Fieldsong’s innovative multifactor ranking approach favors stocks that are likely to be:

  • Safe. Since they’re evaluated from so many angles, I believe they’re quite unlikely to fail.
  • Stable. Most investing systems use value, growth, quality, and size to determine their investments. I add an extremely important group of factors: stability factors. These are factors that few others consider.
  • Boring. In Peter Lynch’s brilliant book One Up on Wall Street, the perfect stock “does something dull.” “A company that does boring things is almost as good as a company that has a boring name, and both together is terrific. Both together is guaranteed to keep the oxymorons away until finally the good news compels them to buy in, thus sending the stock price even higher.”
  • Under the radar. Many are Canadian or European, so shares are hard to find in the US. Many are too small for analyst coverage, so Fieldsong isn’t competing with the huge investment houses. Quite a few are doing the same boring stuff year after year so nobody pays them any attention. These are the golden stocks that Fieldsong craves.

Fieldsong’s investment approach inevitably identifies some stocks that become dramatic performers. But this is a byproduct of its bread-and-butter efforts to find stocks that will appreciate enough to give it a smooth but powerful boost. A 10% increase in two months is more profitable than a 70% increase in a year. (Why? Because, due to the magic of compounding, if you make 10% every two months, your end-of-year return will be 77%.)

I find that picking the stock most likely to win is less important than picking stocks that are most likely to beat the odds, that is, picking underappreciated stocks that are overlooked in some regard and have the greatest chance of doing better than the expectations built into their price. This requires taking a rigorous probabilistic approach and evaluating prospects from every possible perspective. Every choice I make is focused on maximizing the probability of an excellent outcome rather than gambling on an optimal one. There is no such thing as a magic formula to investing – it takes hard work and research, research, research.

The stock market is not efficient so you don’t have to. Why not? Because stock prices are driven most often by human behavioral quirks rather than sound financial sense. The reason price movements are so difficult to predict is not because they reflect all known information, as many academics claim, but because prices are the product of thousands of small overreactions, unfulfilled expectations, and misguided second guesses. This is where the savvy investor gets an advantage. By looking at the general principles behind this machine, it’s possible to see through all the smoke, hear through all the noise, and get a reasonable bead on what certain stocks are doing and what they’re likely to do in the future. Savvy investors realize that the market isn’t the well-oiled machine it’s made out to be: it’s one of the craziest games around.

Most writers on risk believe that you cannot increase your reward without taking on more risk. Fieldsong takes a different view. By taking on less risk—by switching from highly risky investments to more dependable ones—you’ll be amply rewarded without relying on extreme luck. By evaluating every investment from as many angles as possible, you both reduce your risk and increase your reward.

The fund’s administrator, brokerage, custodian for portfolio holdings, and bank all take a proactive stance on security. Its bank accounts can only be accessed through a secure browser that the bank provides that also requires an access code that changes every minute. Access to fund records is controlled through two-factor logins. Its broker, StoneX, has an excellent track record with the SEC. The fund’s marketing efforts are tightly focused and its website is very unlikely to be a target for botnets.

Fieldsong sells short stocks deemed likely to collapse. It also uses a futures-based currency hedge and often sells short an index ETF.

Fieldsong’s investing is 100% systematic. All factors, whatever their source, are qualified for their effectiveness and assigned weights in the ranking systems through an impartial test and verification process.

Fieldsong has set a maximum fund capacity of $150M, and will not accept new investments after reaching $80M. I scaled up my personal accounts from $150,000 to $8,000,000 during the 2016–2023 period. During this time, I did not experience a diminution in performance; on the contrary, I saw my outperformance over the market actually improve modestly.

No. The system does undergo a measured amount of evolutionary progress, driven by my continuous research into new factors and market processes. A significant part of Fieldsong’s success has been that it doesn’t rely on a completely static, frozen formula but that judgment is carefully applied to leverage the success of its underlying framework by incorporating new discoveries and fine-tuning performance. It’s not about buying the fastest car, it’s about having the savviest and most alert driver.

Drawdowns are opportunities to maintain the portfolio at reduced prices, not decrease it. Shutting down an account during a drawdown courts defeat by walking away from the rebound. If the fund is shut down, it will be after a period of success.

Upon my death or incapacity the fund will be wound down in an orderly manner and capital will be returned to investors.