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Sturgeon Capital is an award-winning investment manager.

We focus on investments in the Silk Road region, ranging from Turkey to Mongolia .


Sturgeon Capital is a London-based FCA-regulated investment manager

We have a specialised focus on the Silk Road region, with more than a decade of experience. The company manages a Luxembourg UCITS-compliant SICAV as well as funds dedicated to institutional investors.

Our investors include pensions funds, family offices and high net worth individuals from across the globe. We align our interests by being substantial investors in the funds we manage.

The company is 90% management-owned with 10% owned by a Hong Kong-listed, Belt and Road specialist investment boutique, Kaisun Holdings.

Investment Philosophy

A Focus on Inefficient Markets

We believe hard work and skill lead to superior investment results. However, in the more developed efficient markets, a large number of market participants share similar information and act in a fairly rational manner to incorporate that information into asset prices.

There are greater potential investment opportunities in markets that are less efficient, such as frontier markets. Competition in terms of providers of capital is more limited in frontier markets.

Fundamentals Driven

We believe that, in the long term, there is a high correlation between the success of a business and its share price performance. As such, short-term volatility presents us with opportunities, particularly when prices deviate from business fundamentals.

Rather than making regular trades in and out of positions, we tend to have low portfolio turnover, and look for investments where the underlying business has strong compounding dynamics.

We aim to operate in a counter cyclical/contrarian manner when making investments. We believe this approach both increases returns and resilience.

We seek to invest in great businesses, but believe valuation is of utmost importance. Even the greatest business can be a poor investment if made at the wrong price.

Take a Holistic Approach

We map out stakeholder structures across companies and countries, to gain a deep understanding of the incentives driving behaviour.

We devote significant time and resources to meeting stakeholders including suppliers, customers and competitors, in order to enhance analysis.

We use our network and local partners to complement our own work, in order to gain a better understanding of the developing dynamics in each of the countries we invest in.



Our team

Clemente Cappello

Founder and CIO of Sturgeon Capital, Clemente has a 12- year continuous track record of investing in the New Silk Road region and an intimate knowledge of its investment universe. He holds a degree in Business Administration and Finance from Bocconi University. Before founding Sturgeon, he worked as an analyst for Haussmann Holdings. Clemente was awarded ‘Rising Star of Hedge Funds’ in 2008 by Institutional Investor and has been quoted by the Financial Times, New York Times, Bloomberg, Fox News and other media outlets as an expert on investments in the Silk Road.

Kiyan Zandiyeh

Director of Sturgeon Capital, Kiyan is also Portfolio Manager for Sturgeon Capital’s Alternative Strategies. Prior to joining the firm he was Head of Emerging Market Equity at Roubini Global Economics. Kiyan previously worked at the London Stock Exchange and a number of equity funds. He is a graduate of Imperial College Business School and fluent in Farsi and English.

Lanna Grigoryan

Head of Operations at Sturgeon, Lanna joined the firm in February 2013, having previously worked at the IFC (part of the World Bank Group) in Washington DC. Lanna holds a BA in Literature and Languages from Yerevan University and an MBA from Imperial College Business School, majoring in Investment Management. She is fluent in Armenian, Russian and English.

Rustam Mursalimov

Rustam is a Senior Analyst at Sturgeon Capital. He has 8 years’ experience of investing in global emerging markets, consistently achieving strong performance. He previously was an Equity Portfolio Manager at Gazprombank Asset Management, in Moscow, and Deka Investment. Rustam holds a Masters Degree from the University of Münster, Germany. He is fluent in Russian, Lithuanian, German and English.

Robin Butler

Robin is a Junior Analyst. He joined the team at Sturgeon in August 2018. He graduated from Exeter University in 2016 with a first class degree in Arabic and Middle Eastern History, before moving out to Iran to study Farsi. He has travelled extensively in the Middle East and Central Asia, including Uzbekistan, Tajikistan, Georgia and Turkey. Robin previously worked as an M&A analyst at Arjan Capital. He passed the Level I CFA exam in June 2018 and will sit for Level II in 2019.

Local Network

The Sturgeon Capital team has, over the years, built an extensive network across the Silk Road region.

In order to consolidate its edge, Sturgeon has developed strategic partnerships and acquired stakes in leading research houses in capital hubs along the New Silk Road region. Complementing Sturgeon's deep knowledge and more than a decade of fundamental bottom-up research, local analysis helps assess business sentiment, stakeholders interests and political changes.

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