Vaults CapitalBuilt by analysts, for analysts.
Vaults Capital began with a simple observation: the most thoughtful investment research is no longer being written by the people closest to the businesses.
We started Vaults to write the kind of research we wished we could read — independent, long-horizon, and unafraid of the work.
How we think about research.
Conviction over coverage
We would rather publish ten reports per year that we deeply believe than fifty that we only half-mean. The market is not short of opinions; it is short of considered ones.
Show your work
Every report ships with the model, the assumptions, and the explicit risk map. If you cannot replicate our valuation, we have not done our job.
Time, not noise
We write for investors with multi-year horizons. Earnings reactions, intra-day moves, and quarterly noise are not our beat — durable change is.
Independent, by construction
We do not run client capital. We do not place trades. We do not take corporate access fees. The only thing we sell is the research itself.
Three analysts. One mandate.
Andrei Khristoliubov
Andrei covers TMT and aerospace, with a particular focus on undercovered names where the structural thesis is mispriced. His coverage spans satellite communications, defence primes, and the energy infrastructure underpinning the AI build-out.
BSc Finance (Investment Banking) at the University of Exeter. Equity Research Analyst and incoming Head of TMT at the Exeter Student Investment Fund. CFA Institute Campus Ambassador.
William Gonzalez
William is a thematic equity investor on the ExSIF TMT team, focused on systematic, low-risk capture of high-growth themes through equities. His approach identifies the structural themes shaping markets, then isolates the best-positioned stocks within each — capturing the upside while filtering out the noise. Coverage spans the AI build-out, from compute and semis to the energy infrastructure powering it. 7 years studying markets, quant-driven.
Damian Rusecki
Damian covers real assets and equity, with a focus on yield-driven opportunities in real estate and structural themes across defence, energy, and commodities. His approach is grounded in the principles of value investing — identifying assets where the market has mispriced a long-term thesis, whether in listed equities or physical property markets.
His equity coverage centres on the forces reshaping capital allocation in the real economy: the re-arming of Western and European defence budgets, the energy transition and its commodity implications, and the infrastructure underpinning a resource-constrained world.
BSc Finance at the University of Exeter. Member of the Exeter Investment Management Society. Founder of the Rusecki Property Group.
The Vault Weekly
Read what we're reading. Every Sunday.
One email per week. Markets, frameworks, theme tracking, and a single piece of independent research.