Approach

At Ayrton, we analyze each investment with a singular goal - to identify possible outcomes and their probabilities. In doing so we answer several key questions - what is a company’s track record of success? What secular or structural dynamics are driving or destroying value in the sector? Has management delivered on previously guided goals? Does the situation lie within our domain of competence? In answering these questions objectively and truthfully, we are able to act on undervalued or unappreciated opportunities.

Process

Discipline and rigor of process are vital for investment success. Ours starts with a comprehensive review of data gathered through screening or through interactions with trusted market contacts. Observations derived from this review are further refined with retrospective and preemptive thinking thereby reducing an investment thesis to its salient elements. Long term insights gained from this work makes our technique iteratively smarter. Underlying all this is a fundamental tenet of successful investing - the only sustainable way to win is through rigorous preparation, discipline, patience and decisiveness.

Principles

• Emphasize capital preservation and margin of safety.
• Adhere to absolute standards of value.
• Insist upon proper compensation for risk (even if others don't).
• No investment is sacred when a better one comes along.
• Reputation and integrity are one’s most valuable assets; never compromise.
• Good ideas are rare - when the odds are greatly in one's favor, allocate heavily.
• Reject flawed concepts such as:
  • Being compelled to stay fully invested at all times.
  • Comparative ranking that forces short term, chase-the-herd behavior.
  • Over categorization.
• Resist the human bias to act; accept that sometimes doing nothing is best.
• Be aware and adapt to reality; it won't adapt to you.

All Weather Performance

Successful investing occurs at the confluence of sound data gathering, insightful research, tactical execution and round-the-clock oversight. Importantly, this convergence must occur within and across silos - in fact attractive investments often lie outside traditional categories overlooked by institutional investors.

We consciously eschew pigeonholing ourselves along such categories, instead focusing on applying our well-defined set of analytical skills to asset classes worldwide. We invest in the technology, natural resources, healthcare and consumer sectors and express our views across the capital structure via debt, equity and equity-linked securities.

Risk Management

Risk assessment is interwoven directly into our portfolio construction process as early as pre-trade discussions. This philosophy ensures that risk estimation is front and center while an investment's price, size and portfolio contribution is being evaluated. This mindset is further extended in ex-post reviews, where positions are continuously monitored for market risk, operational complexity, sensitivity to financing and capital intensity. Finally, impact of tail-events and cross-asset liquidation risks are mitigated at the portfolio level to ensure capital preservation in difficult markets.

Waqas Khatri

Founder and Chief Investment Officer

Waqas Khatri founded Ayrton Capital in December 2016 following a successful investment career at Oasis Capital Management and Tenor Capital Management, where he managed portfolios across private placements, convertible arbitrage, volatility arbitrage, event-driven/distressed, and risk arbitrage strategies. Prior to that, Mr. Khatri was a Vice President at JPMorgan Asset Management, responsible for selecting investment managers deploying relative value strategies. He began his career as a research analyst at DKR Oasis, contributing to a global special-situations portfolio. Mr. Khatri holds a Bachelor of Arts in Computer Science and Economics from Vassar College. He is also a founding board member of the Karen Leung Foundation, a charitable organization focused on reducing the impact of gynecological cancers in Hong Kong.

Daniel Altman

General Counsel and Chief Compliance Officer

Daniel Altman joined Ayrton Capital in January 2024 as General Counsel and Chief Compliance Officer. Prior to Ayrton, Mr. Altman served as General Counsel and Chief Compliance Officer at LSV Advisors, LLC, where he oversaw all legal and compliance functions for investment funds and managed accounts. Earlier in his career, he worked in the investment management and litigation groups at several large New York law firms, including Schulte Roth & Zabel LLP. Mr. Altman holds a Juris Doctor from Columbia University School of Law and a Bachelor of Arts in European History and Jewish Studies from the University of Pennsylvania.

Michael Villani

Director of Finance and Operations

Michael Villani joined Ayrton Capital in September 2024 as Director of Finance and Operations. Prior to joining Ayrton, Mr. Villani held senior roles in both industry and public accounting, including serving capital markets clients at KPMG LLP. Mr. Villani is a Certified Public Accountant and received a Bachelor of Business Administration in Finance from Pace University.

Blair Friedensohn

Research Analyst

Blair Friedensohn joined Ayrton Capital in April 2024 as a Research Analyst. Mr. Friedensohn previously served as a Capital Markets Managing Director at Roth Capital Partners where he originated, structured, and executed capital raises for small-cap companies. Prior to Roth, he led the Capital Markets division at E.F. Hutton and held various roles at Goldman Sachs as an Investment Banker, Fixed Income Trader, and Credit Analyst. Mr. Friedensohn holds a Bachelor of Arts in Government from Dartmouth College.

Jarryd Gross

Research Analyst

Jarryd Gross joined Ayrton Capital in April 2021 as a Research Analyst. Prior to joining Ayrton, Mr. Gross served as an Equity Capital Markets Associate at H.C. Wainwright & Co., where he focused on structuring and executing numerous capital raises for small- and micro-cap companies across multiple sectors. He has also held ECM positions with Robert W. Baird and Baader Helvea AG. Mr. Gross holds dual bachelor degrees in Commerce and Economics, with majors in Finance, Accounting, and Economics from the University of New South Wales, Sydney, Australia.

Samar Hamza

Research Analyst

Samar Hamza joined Ayrton Capital in August 2018 and serves as a Research Analyst covering the biotechnology, specialty pharmaceutical, and medical device sectors. Prior to joining Ayrton, Mrs. Hamza worked as a clinical researcher at the University of California, San Diego, assisting with clinical study design, implementation, and data analysis, with research focused on neurodegeneration and neuro-imaging. She was also a research consultant with Mark Krueger & Associates, a leading patient engagement and advocacy consulting firm to the biopharmaceutical industry. Mrs. Hamza holds a Master of Public Health with a concentration in Epidemiology and Statistics from Columbia University and a Bachelor of Science in Biology from the University of California, San Diego.

Tim Rao

Trader

Tim Rao joined Ayrton Capital in May 2023 as a Trader and is responsible for the execution of all trades. Prior to joining Ayrton, Mr. Rao was a trading assistant and administrative officer at Sabby Management. Mr. Rao received a Bachelor of Business Administration with a concentration in Finance from Hofstra University.

Michael Batanjany

Operations Analyst

Michael Batanjany joined Ayrton Capital in June 2024 as an Operations Analyst. Prior to Ayrton, Mr. Batanjany gained experience as an intern at Clear Street and Boothbay Management. He holds a Bachelor of Science in Finance from Fairfield University.