Inside Active by Bloomberg Intelligence Acuitas’ Chris Tessin on the Case for Micro Caps
Feb 10, 2026
Christopher Tessin, founder and managing partner of Acuitas Investments and lead portfolio manager for a U.S. micro-cap fund. He explains Acuitas’ multi-manager approach and how they pick managers for idea generation. He argues micro caps offer the biggest information edge and discusses why quality and concentrated manager bets matter. He also outlines risk monitoring and potential macro catalysts for a micro-cap rally.
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Prioritize Idea Generation Over Track Record
- Prioritize idea-generation skill when evaluating managers, not just past returns.
- Dig into process, philosophy, and contextualize returns before allocating capital.
Design Portfolios By Aggregate Characteristics
- Acuitas includes diverse styles but maps managers into its own portfolio role.
- They assess aggregate characteristics to avoid style imbalances across managers.
Find Managers Before They Scale Up
- Seek talented managers early, even before they're institutionally ready.
- Be proactive and allocate research resources to find emerging skilled managers.