Vaults CapitalIndependent investment research · Est. 2026
Long-horizon research for serious investors.
Equity analysis, thematic portfolio construction, and alternative-asset insight — written by three analysts who put their work in print.
Single-name deep dives
Bottom-up coverage of undercovered businesses. Models, theses, and risk maps for investors who hold for years, not quarters.
Portfolios with intent
Long-horizon allocation frameworks built around durable structural shifts — not short-term momentum or speculative narratives.
Beyond public equity
Commodities, private markets, and real assets — the parts of the portfolio that public equity research can't price in.
Independent research, in plain sight.
What structurally separates analyst-led research from the desk reports you've been reading.
Vaults Capital
- Independent and fee-based. No banking, trading, or IPO mandates pulling on the thesis.
- Three named analysts. Bios, track records, and direct contact — not a brand and a phone tree.
- Coverage ends when conviction does — not when the earnings calendar says it should.
- Every report ships with the model, the assumptions, and the risk map. We show our work.
- Depth over breadth. We cover what we know, not what generates seat fees.
Conventional research
- Research desks tied to banking, trading flow, and capital-markets mandates.
- Anonymous teams behind a brand. Access tiered by AUM and trading volume.
- Quarterly rating maintenance driven by earnings cadence, not by thesis change.
- Summary ratings up front. Models, drivers, and assumptions behind a separate paywall.
- Coverage universe optimised for client commission revenue, not for conviction.
Latest research
View all →The Iridium re-rate is mispriced
NTN and PNT contracts change the multiple — not the next quarter. Why the market is anchored to legacy satellite economics.
Thematic · 12 min readAI's energy floor is structural
A power-scarcity portfolio that doesn't depend on the next training run. Picks, sizing, and risk hedges.
Alternatives · 6 min readUranium's cycle isn't over
Supply discipline, restart calendars, and what the spot price keeps missing. Three ways to express the trade.
Two tiers. Both serious.
Everyone gets the weekly. Premium adds full reports, model portfolios, and the archive.
The Vault Weekly
Markets, frameworks, and theme tracking. Every Sunday.
£0 / forever
- Weekly newsletter
- Public research summaries
- Theme primers
- Full equity reports
- Model portfolios
Vaults Research
Full equity reports, model portfolios, deep dives, and the complete archive.
£12 / month
- Everything in Free
- Full equity research reports
- Three thematic model portfolios
- Quarterly alternatives deep dive
- Direct access to authors
Three analysts. One mandate.
Built on the conviction that independent research, written by people who think in years, is undersupplied.
Andrei Khristoliubov
TMT and aerospace coverage. Equity analyst at the Exeter Student Investment Fund and CFA Institute Campus Ambassador.
William Gonzalez
Thematic equity investor on the ExSIF TMT team. Systematic, quant-driven approach to capturing high-growth themes — currently focused on the AI build-out from compute and semis through to energy infrastructure.
Damian Rusecki
Real assets and equity, with a focus on yield-driven opportunities in real estate and structural themes across defence, energy, and commodities. Value-investing approach, applied across listed equities and physical property markets.
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. No filler, no flow.