Maple Rock Capital is a global investment firm that launched in 2015. The firm holds a concentrated portfolio of best ideas, primarily in small- and mid-cap equities with an emphasis on mispriced opportunities that are in structurally inefficient sectors and countries. Xavier Majic, Founder & Chief Investment Officer, is supported by seven investment and five business team members. Maple Rock is headquartered in Toronto, Canada with a satellite office in the San Francisco Bay Area.
The purpose of Maple Rock’s Active Ownership Policy is to inform our partners how we engage with and consider the sustainability of the companies in which we invest. Within sustainability, governance is paramount. We therefore look for ethical management teams that believe in the importance of transparency and communication, whose compensation is aligned with shareholders and who actively pursue a culture of compliance.
As most of our investments are meant to be long-term in nature, our investment process requires we develop a deep understanding of the company, its peers and the broader industry in which it operates. As we build relationships with management, we seek opportunities to share our expertise as it relates not only to their business, but to their investor communication efforts and, on occasion, their compensation plans and board composition.
We believe in the value of being a good corporate citizen and having a diverse management team and board (please see our Diversity & Inclusion Initiative for more detail). We have no policy to avoid or divest of companies where there is an ESG concern, as we may have the opportunity to positively influence the company via a collaborative relationship if we retain such investments instead. We note that divestment may not directly impact the investees in the near term as other investors may buy the divested investments and that strategic engagement with management is the most reliable form of sustainable investing for investors seeking impact. Likewise, we do not restrict ourselves to investing in only the best actors or certain industries, as we also see value investing in those that want to (and can) become better actors.
This policy — like all of our policies — is grounded in our primary objective to maximize returns and reduce unnecessary risk for our partners.
Maple Rock is committed to creating and fostering a culture of diversity, equity and inclusion. We believe that our human capital is our most valuable asset, and we deeply appreciate the diverse life experiences and backgrounds each team member brings to our firm.
This initiative begins with the hiring process, where we look to recruit the best person for the role regardless of their age, race, ethnicity, parental/marital status, sexual orientation, or disability. Further, we recognize that the traditional training grounds for our industry underrepresent women, minorities and those with disabilities.
In addition to working with recruiters to address these gaps, we also look to address the lack of candidates with our Women in HFs summer internship program, which successfully completed its forth summer in 2022. The hope is that by providing early investing and operations experience prior to these students applying to traditional banking feeder programs in their final summer (which often lead to full-time opportunities), we are able to increase the number of qualified candidates.
This initiative is led by Partner & COO Kristy Duchak. In addition to being an outspoken advocate for equitable opportunity and pay in our industry, Kristy mentors our interns as well as numerous other female executives. Maple Rock’s culture of diversity and inclusion continues across our team as we look to support each employee’s unique needs by offering work flexibility, mentorship and valuable benefits, including parental leave.
Finally, Maple Rock has created its own internal processes to ensure that historical pay and promotion gaps that exist in the industry today are corrected and do not further manifest themselves at our firm. Several of Maple Rock policies support this initiative, including our anti-discrimination, anti-harassment, anti-sexual harassment and anti-racism policies.