A focused, long-horizon partnership dedicated to discovering exceptional businesses at fair prices — and holding them with unwavering discipline.
Read Our Latest LetterGreat investments begin not with spreadsheets, but with understanding — what a company does, why customers love it, and whether it can endure.
Drawing on the traditions of patient, fundamental analysis, we seek companies with durable competitive advantages, strong free cash flow generation, and management teams that think like owners.
Price matters. A wonderful business bought at the wrong price can be a poor investment. We exercise discipline in valuation, waiting for opportunities where the odds are clearly in our favor.
Our edge is not proprietary data or sophisticated models — it is patience, independent thought, and a willingness to be wrong in the short term.
We start with the business itself — reading annual reports, studying competitors, talking to customers. We look for what a company will look like in ten years, not ten months.
We model conservative scenarios and require meaningful upside before committing capital. We use PEG ratios, owner earnings, and discounted free cash flow — no exotic instruments, no leverage.
We monitor our holdings continuously, updating our thesis as new information emerges. Partners receive quarterly letters with candid analysis of portfolio developments, mistakes, and new thinking.
We believe alignment of interest is non-negotiable. The majority of our own investable net worth is invested in the fund.
Richard leads portfolio construction and primary research, with a focus on value, growth, and underappreciated industries. He brings several years of experience analyzing publicly traded equities and has managed capital through multiple market cycles.
Christian oversees operations, partner relations, and contributes deep research across portfolio sectors. His background in sales consulting and corporate management provides a rigorous lens on quality of client care and alignment.
We welcome conversations with qualified investors who share our long-term orientation.
Galloway Daw Partners LP is a private investment partnership. Interests are offered solely to accredited investors pursuant to exemptions from registration under the Securities Act of 1933.
We publish our letters publicly because showing how we think is the best demonstration of whether our approach is right for you. These are not marketing documents — they are honest accounts of our reasoning, our errors, and our evolving thesis.
Performance data is available exclusively to accredited investors.
Demo access code: GDP2025
No access code? Contact us to request investor access.
Returns are net of all fees and expenses. Inception: January 1, 2023.
| Year | GDP (Net) | S&P 500 | Difference | Notes |
|---|---|---|---|---|
| 2023 | +10.7% | +26.3% | –15.6% | Inception year; conservative deployment |
| 2024 | +18.7% | +23.3% | –4.6% | Full deployment achieved Q2 |
| 2025 YTD | +4.1% | –4.6% | +8.7% | Through March 31, 2025 |
Our 2023 underperformance reflects a deliberate choice: we did not chase the narrow group of mega-cap technology companies that drove the index's remarkable gain.
What we aim to deliver is superior risk-adjusted compounding over five to ten year periods, with significantly less permanent capital loss in difficult markets.
Galloway Daw Partners is organized as a Delaware Limited Partnership. The General Partner is GDP Management LLC, a North Carolina entity controlled by J. Richard Daw and Christian A. Galloway, operating under Section 3(c)(1) of the Investment Company Act of 1940.
The fund is open only to accredited investors as defined under Rule 501 of Regulation D — generally individuals with a net worth exceeding $1 million (excluding primary residence) or income exceeding $200,000 in each of the two most recent years.
Our minimum initial commitment is $250,000. We may make exceptions on a discretionary basis for investors with a long-standing relationship with the principals.
Yes — and we consider this non-negotiable. The majority of both principals' investable net worth is held in the fund under the same terms as all other limited partners.
We invest primarily in publicly traded U.S. equities — small to mid-cap companies between $300M and $10B market cap. We focus on consumer brands, financial services, and select industrials — businesses Peter Lynch would describe as boring, understandable, and overlooked.
No. We do not use leverage, engage in short selling, or trade options or derivatives. We hold cash when we cannot find compelling opportunities.
We typically hold 15 to 20 positions. Our top five holdings generally represent 40–55% of the portfolio. A portfolio of 60 stocks is essentially an expensive index fund.
Our default holding period is indefinite. We sell when the original thesis is broken, when valuation becomes egregious, or when we find a meaningfully better opportunity. Annual turnover has historically been below 20%.
Partners receive a quarterly letter within 30 days of each quarter end, an audited annual financial statement, and access to individual account statements through our investor portal. We do not provide monthly updates.
Partners may request redemptions quarterly with 60 days written notice, subject to a 25% NAV gate per quarter. We encourage partners to treat their investment as a five-year minimum commitment.
We charge an annual management fee of 1.0% of net asset value, billed quarterly, and a performance allocation of 15% of net profits above a 6% hurdle rate with a high-water mark. We do not charge the 2-and-20 fees common to larger hedge funds.
The PPM, LPA, and Subscription Documents are available to qualified prospective investors upon request and execution of a Non-Disclosure Agreement. Please use the contact form on our Overview page to begin the process.
Galloway Daw Partners LP is a private investment partnership. Interests are offered solely to accredited investors pursuant to exemptions from registration under the Securities Act of 1933.