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.
Super Wednesday.
Meta beat on revenue and still fell 7% because it burned cash, and the 10-year closed below 5%. This week the calendar is as heavy as it gets: the Fed, the UK Budget, Microsoft and Alphabet all land on Wednesday.
Read the report →The war moves onshore, and gold loses $4,000.
Attacks in Saudi Arabia lifted Brent 6.2% to $116.7, its highest since April. Oil revived Fed hike bets and gold fell below $4,000; US gas sank 15% on warm forecasts, and China bought the most US soybeans in nearly three years.
Read the report →Fewer beans at the ports, more in the warehouses.
Ivorian port arrivals fell 41%, but ICE stocks rose every day to the highest since May 2024. Three days of buying on the arrivals, then one day of selling on the stocks; robusta fell 5.4% to a 52-week low.
Read the report →$116 oil, a coin-toss vote.
Emerging markets fell for a second week, down 7.2% over two. $116 oil hit importers and the Gulf, and Turkey cut rates into an MSCI freeze, while Jakarta and Vietnam rebounded.
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.