About
Cannell Capital is an employee-owned hedge fund founded by J. Carlo Cannell in 1992, managing $528 million with offices in Alta, Wyoming and Sausalito, California. One of value investing's best-kept secrets, Cannell has generated exceptional returns through micro-cap activism. The "reluctant activist" has conducted 19+ activist campaigns since 2016, preferring private engagement with management but taking up "the hammer by default" when necessary. Cannell combines deep value investing with selective activism, often spotting attractive under-the-radar stocks before other investors. The firm's activist letters are renowned for dry wit and entertaining commentary.
Investment Focus
Cannell employs a long/short market-neutral equity strategy focused on small-cap North American companies (below $2B market cap) using value-oriented, bottom-up analysis. The firm combines qualitative primary research (management discussions, board engagement) with quantitative screening (30-40 proprietary screens). Cannell identifies undervalued companies with positive fundamental changes, then engages constructively with management and boards. While preferring to invest with capable allocators, the firm acts as fiduciary taking activist positions when management is underperforming or misallocating capital, using board seats and public campaigns to protect investors.