Prime Meridian Partners — 2026
Investor Presentation · April 2026
Prime Meridian
Partners
Partners
An international equity partnership built for family offices and sophisticated institutions who believe their international allocation deserves more than a mutual fund.
Confidential — For Qualified Investors Only
Executive Summary
The opportunity in
international equity.
80+
Years combined experience
Three founding partners with 25+ years each across global equity markets
6
International regions
Europe, Japan, Dev Asia, EM Asia, LatAm, EEMEA
100%
Ex-USA equity focus
Concentrated, high-conviction international equity only
20–35
Positions per portfolio
Every name has a written thesis and earned its place
Our Core Thesis
International equity markets are persistently mispriced because the dominant investment vehicles — mutual funds — are structurally designed to avoid being wrong, not to be right. Three experienced practitioners, operating independently, can generate sustainable alpha by investing with genuine conviction in a concentrated universe of exceptional businesses outside the United States.
The Problem
Why traditional international
funds underdeliver.
✕
Closet indexing at active fees
Most international funds hold 200–500 positions. Tracking error is minimal. Active fees are not justified by the level of genuine active management being applied.
✕
Career risk drives conservative decisions
Portfolio managers at large institutions are penalised for being different and wrong. The rational incentive is to hug the benchmark. Your capital pays for that behaviour.
✕
Generic regional exposure
Most "international" funds simply own the largest names in each country index. There is no alpha from owning the most liquid, most-followed names at consensus valuations.
✕
One-size-fits-all mandates
Pooled funds cannot accommodate your specific return objectives, liquidity needs, ESG constraints, or geographic preferences. You get what the fund offers — not what you need.
✕
Fee structures misaligned with outcomes
Management fees, custody costs, and performance fees compound to 150–250bps annually in many international fund structures — regardless of performance.
✕
Shallow coverage depth
Large teams spread thin across thousands of names. The best international opportunities — in smaller markets, less-covered sectors — receive insufficient analytical attention.
Our Solution
A boutique built for
genuine alpha.
Traditional Fund Model
✕200–500 positions, closet index
✕Career-risk-driven decisions
✕Generic benchmark-weighted exposure
✕Pooled mandates — no customisation
✕Manager capital not aligned
✕Static portfolios, annual reviews
Prime Meridian Partners
✓20–35 high-conviction positions
✓Independent, conviction-driven decisions
✓Precision regional expertise, 6 markets
✓Bespoke mandate for every client
✓Partners invest alongside clients
✓AI-driven portfolio monitoring & refresh
The Partners
Three practitioners.
Eight decades of markets.
BB
Bill Benton
Managing Partner
25+
Years as an equity analyst
Global equity analyst across every region and market cap, with specialist depth in technology, consumer, and industrials. Lived and worked internationally — including years based in Europe. Former Director of Research leading a 30+ person investment team, translating research conviction into institutional-scale portfolio decisions.
JM
Jack Murphy
Partner — Emerging Markets & Consumer
25+
Years as analyst, PM & research director
Career built at the intersection of emerging markets and the consumer sector — two areas that demand both macro awareness and deep bottom-up research. Has navigated political cycles, currency dislocations, and structural transformation across EM economies as analyst, portfolio manager, and Director of Research. Specialist in global consumer businesses from LatAm to Southeast Asia.
DJ
DJ Neiman
Partner — Portfolio Management & Financials
25+
Years across research, PM & global team leadership
The broadest mandate of the three partners. Analyst, portfolio manager, Director of Research, and co-head of a global investment team managing $40+ billion in long-only actively managed equities. Brings institutional-scale portfolio management discipline to a boutique partnership. Specialist in the financials sector across all market caps and geographies.
Investment Universe
Six regions.
One coherent process.
We are 100% ex-USA international equity. Our universe spans developed and emerging markets across six distinct regions, each with dedicated expertise within the partnership.
| Region | Classification | Key Markets | Our Edge |
|---|---|---|---|
| Europe | Developed Markets | UK, Germany, France, Netherlands, Switzerland, Nordics | Bill lived and worked in Europe — 25+ years covering tech, consumer and industrials on the ground across the continent. |
| Japan | Developed Markets | Tokyo, Osaka-listed large and mid-cap | All-cap discipline across tech and industrials; corporate governance reform a structural tailwind we have tracked for years. |
| Developed Asia ex-Japan | Developed Markets | Taiwan, South Korea, Hong Kong, Australia, Singapore | Semiconductor and technology value chain expertise; financials depth through DJ's specialist sector coverage. |
| Emerging Asia | Emerging Markets | India, China, Indonesia, Thailand, Vietnam | Jack's 25+ years in EM consumer and financials; early-cycle insight in India and Southeast Asia's digital economy built over two decades. |
| Latin America | Emerging Markets | Brazil, Mexico, Chile, Colombia | Jack's deep EM consumer expertise — from regional e-commerce to digital banking — grounded in long-running, specialist coverage of the region. |
| EEMEA | Emerging Markets | South Africa, Poland, Saudi Arabia, UAE, Turkey | Political economy expertise and DJ's financials sector depth — banking and insurance names that demand specialist analysis to value correctly. |
Investment Philosophy
Conviction over
consensus.
◈
Quality is the foundation
High returns on invested capital, durable competitive advantages, management alignment. We do not compromise on quality for valuation.
◈
Patience as competitive advantage
Compounding works over time. We build to hold for years, not quarters. Turnover is a tax — on capital, on insight, on our edge.
◈
Depth over breadth
We know every name we own. Every position has a written thesis, a price target, and a clear exit condition. Coverage depth generates insight.
◈
Risk is permanent loss, not volatility
We obsess over downside scenarios, balance sheet quality, and governance — especially in jurisdictions with weaker legal protection.
◈
Geographic diversity, not dilution
We invest across six regions because opportunity does not respect borders. But no name is held simply for geographic diversification.
◈
Full alignment with every client
We invest our own capital alongside yours. We report honestly on what went wrong as well as right. Alignment is the structure, not the marketing.
"The best international investments are never in the largest index constituents. They are in businesses with structural advantages that consensus has yet to price."
Jack Murphy, Partner
Investment Process
A rigorous process.
Designed for an edge.
01
Universe Screening
Proprietary quantitative screen across all six regions — quality, growth, valuation, and momentum factors applied to identify genuine candidates from thousands of securities.
02
Deep Fundamental Research
Full written investment thesis for every candidate — business model, competitive position, management quality, financial model, valuation, and risk factors. No position without a complete write-up.
03
AI Portfolio Construction
Proprietary platform optimises allocations against each client's specific mandate parameters — objectives, constraints, risk, liquidity, and geographic preferences.
04
Continuous Monitoring & Refresh
AI-driven portfolio refresh compares current holdings to fresh research data, identifying drift, new additions, and positions that no longer meet criteria.
05
Bespoke Client Reporting
Detailed, transparent reporting — holdings, rationale, what changed and why. In your currency, against your benchmark, at the depth you require.
"Every name we own has a reason. Every position we don't own has a reason. Knowing both is what the process demands."
DJ Neiman, Partner — Research
Process Output
Portfolio positions20–35
Written thesesEvery name
Refresh frequencyOngoing
ReportingBespoke
Technology Advantage
AI-augmented research.
Human conviction.
We have built a proprietary investment platform that gives Prime Meridian a systematic edge in research, portfolio construction, and ongoing portfolio management — without replacing the human judgement that matters.
01 Research
Systematic
Company Screening
Company Screening
Our proprietary screener applies multi-factor quantitative rankings across the full ex-USA universe — quality, growth, valuation, trend, and momentum — surfacing the most compelling candidates for fundamental research.
02 Construction
AI-Driven Portfolio
Optimisation
Optimisation
Given a client's mandate parameters — risk, region, strategy, constraints — our AI constructs an optimal portfolio from our conviction universe, with score-weighted position sizing and diversification rules built in.
03 Monitoring
Continuous Refresh
& Drift Analysis
& Drift Analysis
Our platform re-runs AI portfolio construction on fresh data and generates a full diff against current holdings — showing additions, removals, and weight changes — so the partners can make informed rebalancing decisions.
The Edge
Most boutique managers have great ideas but weak processes. Most large managers have robust processes but no conviction. We have built a platform that gives us the systematic rigour of an institution with the conviction and speed of a boutique.
Working With Us
Bespoke mandates.
Built around you.
Every Prime Meridian client relationship begins with a full mandate definition. We take the time to understand your objectives, constraints, values, and reporting preferences — and build a portfolio specifically for you.
Minimum mandate size$50M
StrategyYour choice
Geographic focusFlexible
ESG / exclusionsAccommodated
CurrencyAny major
ReportingBespoke
Who We Work With
◈
Single-Family Offices
Generational wealth management requiring bespoke mandates, patient capital deployment, and transparent, direct communication with decision makers.
◈
Multi-Family Offices
Serving multiple families with distinct preferences. We can manage separate mandates within a single MFO relationship, each tailored to individual family objectives.
◈
Foundations & Endowments
Long-horizon capital with specific distribution requirements, ESG considerations, and governance standards. We are experienced in meeting the reporting requirements of formal investment committees.
Terms & Structure
Transparent economics.
Aligned incentives.
Fee Structure
Management FeeTBD
Performance FeeTBD
Hurdle RateTBD
High WatermarkYes
LiquidityNegotiable
Alignment Commitment
All three partners invest personal capital in the same strategies as our clients. We do not manage our own capital differently. We eat what we cook.
Structure & Governance
◈
Separate managed accounts
Each client relationship is held in a separately managed account — full transparency, no co-mingling, direct ownership of securities.
◈
Independent custody
Client assets are held with independent, regulated custodians. Prime Meridian never has direct access to client funds.
◈
Full reporting transparency
We report on every position, every transaction, and every decision — including what went wrong and why. No hiding behind aggregated performance numbers.
Next Steps
Let's have a
conversation.
We work with a small number of family offices and institutions. If you believe your international allocation deserves more than a mutual fund, we would welcome the opportunity to share more detail.
Bill Benton — Managing Partner
Jack Murphy — Partner, Emerging Markets
DJ Neiman — Partner, Research & Portfolio
Confidential — For Qualified Investors Only · Prime Meridian Partners 2026
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