Disciplined capital.
Global insight.
An FCA-authorised, principal-led investment firm. We run global public-markets strategies, and own and operate private businesses in West African commodities and the Levant, with advisory and research built on the same ground.
Past performance is not a reliable indicator of future results. Discovery figures are net of fees from a live separately managed account; the full basis is on the Discovery page. Capital is at risk.
Three divisions, one regulated platform.
Everything starts with our own research: it drives how we invest, and it grounds how we advise. Each division has its own mandate and its own named lead.
Investment Management
Public markets through the Discovery Global Strategy and Lundy Managed Accounts. Private markets through two funds where we own and operate the assets: the Commodities Fund in West Africa and LevaNA in the Levant.
Advisory
Investment, capital and sovereign & development advisory from the FCA-regulated UK platform. We prepare projects to the standard private capital requires, and we can invest behind them.
Intelligence
The research our investment committee reads first: commodities, emerging and frontier markets, and positioning in global markets. Summaries are public; full reports are for signed-in clients.
What the work looks like.
Six-country cocoa value-chain initiative
Business plan and financial architecture for a multilateral African trade-finance institution, approved for US$25m of equity and US$35m of debt.
The engagement → LevaNA · LebanonFour consumer brands, built for export
Orchards of Laila, 961 Beer, Couvent Rouge and Smoking Barrels: producing, exporting and employing through Lebanon’s banking collapse.
The portfolio → Commodities Fund · NigeriaOwner-operator in the cocoa chain
A wholly owned export subsidiary, Lundy Commodities Nigeria Limited, developing and investing in the cocoa supply chain with its own warehousing.
The fund →One firm, compounding.
Each part exists because the others needed it. We advise institutions, companies and states on the markets we know, grounded in the research of our own desk. That same judgement runs Discovery and our managed accounts, and deepens into the funds, where we own and operate the assets ourselves. And Origin closes the loop: taking what our portfolio companies produce and finding it a market. Three divisions and Origin, one flow: each making the others sharper.
Notes from the desk.
The latest six reports from the desk: commodities, cocoa, emerging markets and global markets. Summaries are public; full reports are for clients and subscribers.
AI is now a free-cash-flow trade.
Chips fell 15% in October and Intel had its worst day on record, whilst energy stocks rose. The market now rewards AI spending that cash flow covers. This week: the US midterms, the Bank of England and payrolls.
Read the report →Oil rose for a fourth month as metals sold off.
Brent rose for a fourth month on attacks near Hormuz, whilst rate-hike bets hit precious metals: silver fell 18.6% in October and gold reached a one-year low. US steel rose to its highest since May 2022.
Read the report →Ivorian arrivals stayed low, and the price fell anyway.
Ivorian arrivals stayed 43% behind last year, but ICE US cocoa stocks are up 22% since July, a first in ten years, and both markets slipped. Arabica fell 6.6% as Brazil’s real fell.
Read the report →Brazil fell 18% in election week, and Korea rose 3%.
Lula’s win sent the Ibovespa down 18% in a week, whilst Korea rose on SK hynix. Emerging markets lost 8.6% in October and now trade at about 8.9 times forward earnings.
Read the report →The Great AI Listing: anatomy of a $220 billion IPO supercycle.
Five companies, US$220 billion in primary raises and US$3.4 trillion of implied valuation: nearly five times the entire 2025 US IPO market, in one summer. Where the capital comes from, what suffers, and where we are in the cycle.
Read the report →The Neglected Endowment.
Top-tier producer, low-tier value capture: Nigeria’s endowment mapped against the world market, and what stands between geological occurrence and bankable reserve. The first paper in our Nigeria resource series.
Read the report →The principals.
The firm is led by its two co-founders: Edward Rowson, chief executive, and Wael Menhem, chief investment officer. A principal reads every enquiry.
Edward Rowson
25 years across EM macro, commodities and fund management: MENA Capital, IMM Group, Balfour Capital. Leads the firm’s public-markets strategy and the Commodities Fund. Master’s in Finance, London Business School.
Full CV →
Wael Menhem
Joined Lundy in 2019 from IMM Group, Dubai. Previously MENA equity research at Credit Suisse and Bank of America Merrill Lynch, on teams voted #1 by Institutional Investor. Leads the LevaNA Fund and the firm’s research. BSc Mathematics, American University of Beirut.
Full CV →Speak to the team.
Whether it is a first enquiry, a follow-up or an introduction for a colleague: write to the desk. A principal reads it.