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 whose mandate is to maximise the long-term growth of investor wealth, after fees, while avoiding permanent impairment of capital. It invests in concentrated global equities, equity options, and index and commodity futures.
+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.
Principal is allocated 80% to equities and 20% to derivatives, and realised weights move with performance. The equity book is built on company-specific analysis; the derivatives book applies index and commodity futures positioning grounded in statistical reasoning, structural analysis and disciplined logic.
How we invest →Fund facts
Structured for long-term capital allocation.
Priori is intended as a satellite allocation alongside an investor's core holdings, for wholesale or eligible investors who can tolerate equity, options, and futures 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.
Operating model
Run on agentic AI. Managed by people.
Priori runs its back office on agentic AI connected to the firm's internal database. Tax accounting, fund administration, unit pricing and reconciliation run continuously rather than in a monthly batch. The two managers remain responsible for market research and execution, and review the entire operation.
- Trade execution
- Position sizing
- Portfolio construction
- Research interpretation
- Investment decisions
- Risk appetite
- Final approval of all reporting
- Research coverage and data gathering
- Market and position monitoring
- Routine risk analysis
- Fund metric tracking
- Scenario and sensitivity runs
- Document and filing review
- Tax accounting
- Mark-to-market NAV calculation
- Unit pricing
- Trade reconciliation
- Fee and tax accrual
- Reporting data and design
- Audit trail
A substantial proportion of repetitive back-office work is automated, which keeps overheads low and lets a small team spend its time on security selection, portfolio construction and risk management. Nothing is released without manager review. How the operating model works →
The managers
Who runs the fund.
Priori has two founders, both invested in the fund alongside external investors. 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 ↓