1 January 2026
Official fund performance begins from the first external investor capital accepted into the trust.
Priori Capital Management
Independent research. Decisive allocation.
Priori is a private investment fund pursuing outsized risk-adjusted returns through concentrated global equities, derivatives, and equity options.
+69.48pp Q1 Fund · Q2 2026 outperformance Q1 Fund +83.74% vs SPY TR +14.26% Gross return, before fees and tax
+25.33pp FY2025 outperformance Priori +43.05% vs SPY +17.72% Manager track record, before external capital was accepted
4Quarterly sub-fundsMirrored portfolio exposure
1 Jan 2026Official fund launchExternal investor capital
S&P 500 futures — —
Nasdaq 100 futures — —
Dow futures — —
Russell 2000 — —
SMH semiconductors — —
VIX — —
Gold — —
Crude oil — —
US dollar — —
US 10-year yield — —
US 2-year yield — —
Investment philosophy
A disciplined process built around three principles.
01
Research-led security selection
Concentrated positions begin with detailed company-specific underwriting, tailored valuation work, and industry research. Capital is committed selectively where the evidence supports a differentiated view and an attractive asymmetry.
Decision lens
Company underwritingValuation disciplineDownside asymmetry
Investment framework
How the portfolio is constructed.
The target framework combines a high-conviction equity book with complementary derivatives and options exposures. Allocations are reviewed and may change when market conditions warrant.
How we invest →Fund facts
Structured for long-term capital allocation.
Priori is designed for wholesale investors who can tolerate equity, options, and derivatives exposure across a full investment cycle.
5+ years
The strategy is intended for investors who can look through market cycles and tolerate material interim volatility.
The managers
Who runs the fund.
Priori has two managers, both invested in the fund themselves. Thomas runs the equity book and Mudiwa runs derivatives, drawing on careers built in institutional banking.
Thomas Argueso
Corporate Banking and Leveraged Finance at Westpac, then Investment Banking at Campbell MacPherson across capital raisings and M&A, before returning to Westpac in Portfolio Management covering a diversified corporate book with transactions from roughly A$15 million to A$250 million.
Focuses on deep fundamental underwriting and valuation across technology supply chains, covering semiconductors, hardware, software and AI infrastructure.
Mudiwa Makaza
Westpac's Institutional Bank on the structured finance desk, helping maintain a securitisation portfolio of approximately A$8 billion, then treasury and securitisation at Volkswagen Financial Services, and securitisation modelling and analytics at AMAL Trustee, now part of IQ-EQ.
Pairs a regime-based macroeconomic approach with statistical modelling, rotating between index, commodity and currency markets and expressing that outlook through derivatives.
Fund documents
Key materials for wholesale investors.
Access the current fund tear sheet and Information Memorandum.
Priori Capital Management Fund Tear Sheet
A concise summary of the fund mandate, structure, performance context, and operating terms.
Download PDF ↓Investment Fund Information Memorandum
The current Information Memorandum for prospective wholesale investors reviewing the fund.
Download PDF ↓