Question 1

What is Shepherd Investment Management's investment approach?

Accepted Answer

Shepherd makes high-conviction, benchmark-agnostic investments in a concentrated portfolio of global technology companies, using a patient, first-principles research process to identify durable, high-quality businesses believed to be undervalued.

Question 2

What areas of technology does Shepherd focus on?

Accepted Answer

Shepherd invests across the global technology landscape: semiconductors, software infrastructure, enterprise and consumer hardware, internet platforms, fintech, and industrials, utilities, and energy. The firm uses deep, bottom-up fundamental analysis to seek undervalued companies with enduring competitive advantages.

Question 3

How does Shepherd approach risk management?

Accepted Answer

Shepherd defines risk as the permanent loss of capital. The firm manages this by investing only in businesses it understands deeply, running a concentrated portfolio of its best ideas, and requiring a sufficient margin of safety in valuation.

Question 4

What are Shepherd Investment Management's investment minimums and fees?

Accepted Answer

The typical minimum for a Separately Managed Account (SMA) is $1,000,000. The standard advisory fee is 1.0% per year, calculated quarterly in arrears. Full terms are provided in the firm's Form ADV Part 2A.

Question 5

Who founded Shepherd Investment Management?

Accepted Answer

Shepherd was founded in 2024 by Jess Xu, formerly a Vice President at BlackRock and a founding member of BlackRock's Global Technology Funds, which grew from $2B to $20B AUM with an 18% annualized return and a top 1% category ranking over 10 years.

Question 6

Where is Shepherd Investment Management located?

Accepted Answer

Shepherd Investment Management LLC is a state-registered investment adviser based in Palo Alto, California (CRD Number 332697).

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