LonerueCapital Management
An investment partnership

One firm. A small number of funds. A single standard for every one of them.

Lonerue seeks to maximize returns for qualified investors, each fund built on the same bedrock: independent research, meaningful principal investment, and fees earned only on outperformance of the fund's benchmark.

Alignment — fees on outperformance only Discipline — capacity-limited funds Candor — plain written reporting
Approach

The standard every Lonerue fund is held to.

§ 01 — Alignment

Fees on outperformance only

Every Lonerue fund charges its performance fee solely on returns above its stated benchmark. If partners could have done better in an index fund, the firm hasn't earned anything.

§ 02 — Discipline

Capacity limits

Each strategy has a natural size. We close funds before reaching it, and we launch new ones only when a strategy meets the standard we'd apply to our own capital.

§ 03 — Candor

Plain reporting

Partners in every fund have direct access to an online portal which details the fund's performance, with a detailed accounting of each partner's returns.

Funds

Each fund is cut from the same stone.

Lonerue launches a new fund only when we find a strategy worth running with our own capital, and closes each fund before size erodes returns. The family will grow slowly, by design.

Frontier Fund I
Open · Inaugural fund

Options strategies on a foundation of undervalued equities. Performance fee assessed only on returns above the S&P 500.

View the fund →
Fund II
In formation

A second strategy will be announced when it meets the firm's standard — and not before.

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Unquarried

We would rather run one fund well than several adequately.

Inquiries

Our funds are open to a limited number of additional partners. Qualified investors may request offering materials and a conversation with the principals.

partners@lonerue.com We respond to every qualified inquiry, typically within two business days.
Request offering materials

Submitting this form requests information only; it is not an offer, subscription, or commitment of any kind.

Request received.

Thank you — we'll review your inquiry and respond, typically within two business days. If your matter is time-sensitive, write to partners@lonerue.com directly.

LonerueCapital Management
Funds  /  Frontier Fund I
Lonerue Frontier Fund I, LP · Open

The frontier is where price and value diverge.

The Frontier Fund applies disciplined options strategies to a foundation of undervalued equities — and earns its performance fee only on returns above the S&P 500.

Foundation — value equities Structure — options overlays Benchmark — S&P 500
Alignment

The fund's fee lives in one place: above the index.

The Frontier Fund charges a performance fee only on returns in excess of the S&P 500. If partners could have done better in an index fund, we haven't earned anything. We consider that the correct arrangement.

Strategy

Options discipline on a value foundation.

The bedrock: value

Every position begins with a company we would be glad to own outright — durable businesses trading below our estimate of intrinsic value, identified through independent fundamental research. The equity book is the foundation; nothing is built on ground we haven't tested.

The structure: options

On that foundation we apply structured options strategies — generating income, defining risk, and setting the prices at which we are willing to buy and sell. Options let us be paid for the patience that value investing already requires.

Terms

Lonerue Frontier Fund I

The firm's inaugural vehicle. Terms below are indicative; complete terms are set out in the fund's offering documents.

Strategy
Options strategies on undervalued equities
Benchmark
S&P 500 Total ReturnPerformance fee assessed only on excess return
Structure
Virginia limited partnership
Eligibility
Qualified purchasers / accredited investors
Minimum
$1,000,000Reduced at the General Partner's discretion
Liquidity
Quarterly, with initial lock-up

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