Registered Investment Adviser · Los Angeles

Most companies compete in a market. A few create them.

Katam Hill invests in generational companies — businesses run by founders who own what they build, fueled by their own innovation engines, that widen their competitive advantages every year. We invest in 20 of them at a time, around the world.

2019Founded

24+Years investing

20Positions

100%Employee owned

What we look for — select a trait

01Founder Led

Management owns a substantial part of the business, often as the largest shareholder. Skin in the game changes how a company is run over a decade.

02Global Growth TAM

Large and growing total addressable markets, with global scale expansion at low incremental cost.

03Internal Innovation

Internal research and development fuels new products and services — growth that is invented rather than acquired.

04Vertical Integration

Custom-designed components lead to better services and make the product difficult to replicate.

05Developer Platform

An ecosystem of developers and partners creates added stickiness that benefits users.

06Widening Moats

Network effects can create sustainable competitive advantages and high switching costs.

Six traits. The rare company shows most of them at once.

The Firm

One decision-maker. Continuous research process.

Katam Hill is a registered investment adviser based in Los Angeles, 100% employee owned and founded in 2019 by Adam Gold. We manage accounts on a discretionary basis with a singular focus: invest in generational companies. The belief behind the firm's founding is that public equities offer superior return potential versus other asset classes — and that a concentrated portfolio of securities, if held patiently, can compound capital for decades.

The Approach

Innovation is the engine. We look for where it changes an industry's economics.

The companies we want are the ones inventing what comes next, and the change they create rarely stays inside one sector. We look for the confluence of secular, structural, and cyclical shifts — the combinations that misprice a business on the long side and short side.

Secular

Long-term shifts that redraw an industry's economics over a decade, not a quarter.

Structural

Changes in how an industry is built — supply chains, standards, and who captures the margin.

Cyclical

Near-term dislocations that misprice a durable business, on the long side or the short.

Global

The trends we identify have global implications, so the search is global.

Trend identifiedPosition sized

The Strategy

Two account types, one research engine.

The difference is tax treatment and the use of leverage and short exposure — not the underlying work. Both hold a concentrated portfolio of ~20 positions, managed on a discretionary basis.

Taxable

Deep Growth Plus

Long/short with margin. The full expression of the process — long the businesses compounding on innovation, short the ones it is displacing.

Non-taxable · Tax-deferred

Deep Growth

Long-only, built for retirement accounts. The same security selection, without leverage or short exposure.

The Founder

Adam S. Gold

Chief Investment Officer

Adam started Katam Hill in 2019 on the belief that security selection in generational companies produces superior long-term returns for clients.

He has spent his career on technology, media, and telecom — from covering TMT as an analyst, through a technology-focused hedge fund, to running his own firm investing across public securities and private consumer and enterprise technology companies. That span is deliberate: watching companies from the private side shapes what he looks for in the public ones.

He lives in Los Angeles with his wife and three children. His prior philanthropic endeavor, the Espial Foundation, was started in 2012 to help educate future innovators by improving the health and wellness of children around the globe.

Twenty-four years of public & private equity investing

2019 —

Katam Hill LLC

Founder & Chief Investment Officer · Los Angeles

2018–19

Merrill Lynch

Century City, California

Renewed securities licenses; passed the SIE, Series 7 and Series 66.

2012–18

Espial Capital

Founder & General Partner · New York and Silicon Valley

Invested in public securities and private consumer and enterprise technology companies.

2008–12

Gilder Gagnon Howe & Co.

Portfolio Manager · New York

Global growth investing.

2007–08

Coatue Management

Research Analyst

Technology-focused hedge fund manager.

2001–07

EnTrust Capital

Intern, Summer Analyst, then Research Analyst

Covered technology, media and telecommunications from 2005.

2005

NYU Stern School of Business

B.S. Finance & General Accounting, Minor in Journalism

Graduated early, Magna Cum Laude, with university-wide awards for leadership.

^* Video Interview

^** Radio Interview

Investing in securities always involves the risk that you will lose money. Before investing in the securities markets, investors should be prepared to bear that risk. As with any investment strategy, there is no guarantee that our strategies will be successful. Katam Hill LLC makes no guarantees or promises that our security and market analysis will be accurate or that the investment strategies we use will be successful. Statements made in this audio interview represent Katam Hill's views at the time of the recording and opinions expressed herein are subject to change without notice. Securities referenced herein may currently be held or traded by Katam Hill LLC, its clients, or its representatives. Information contained herein is for educational and informational purposes only and should not be considered investment advice, a recommendation to buy or sell securities, or a solicitation, and does not take into account an individual's or entity's circumstances.

^*** Third-Party Rankings

The information contained in these third-party ranking releases is created and provided by third parties (PSN Informa and Preqin) and sharing this information does not imply our endorsement or approval. While we believe the information to be reliable, we do not guarantee its accuracy or completeness, and we have not independently verified the information. Past performance is not indicative of future results. See the attached performance definitions and disclosure. Performance is presented gross of fees and expenses with PSN Informa. See the attached GIPS Composites Performance History for performance that is net of management fees and expenses. Preqin results are shown net of fees and expenses.

Most companies compete in a market. A few create them.

One decision-maker. Continuous research process.

Innovation is the engine. We look for where it changes an industry's economics.

Secular

Structural

Cyclical

Global

Two account types, one research engine.

Deep Growth Plus

Deep Growth

Independently ranked by third parties.

On the record.

What To Expect From NVIDIA^*

Expecting More Growth From NVIDIA^*

Adam S. Gold

We hope to work together for decades.

^* Video Interview

^** Radio Interview

^*** Third-Party Rankings

Most companies compete in a market. A few create them.

One decision-maker. Continuous research process.

Innovation is the engine. We look for where it changes an industry's economics.

Secular

Structural

Cyclical

Global

Two account types, one research engine.

Deep Growth Plus

Deep Growth

Independently ranked by third parties.

On the record.

What To Expect From NVIDIA*

Expecting More Growth From NVIDIA*

Adam S. Gold

We hope to work together for decades.

* Video Interview

** Radio Interview

*** Third-Party Rankings

What To Expect From NVIDIA^*

Expecting More Growth From NVIDIA^*

^* Video Interview

^** Radio Interview

^*** Third-Party Rankings