About IntraAlpha
The Philosophy
IntraAlpha evaluates public equities through two primary lenses: the durability of a company's competitive advantages (its “moat”) and the defensibility of its real-world physical assets.
The thesis is that companies possessing both deep moats and substantial physical infrastructure are more resilient, harder to replicate, and better positioned for long-term compounding. The framework intentionally favors tangible, hard-to-reproduce advantages over purely financial or narrative-driven ones.
The Two Lenses
Moat
The structural barriers that protect a business from competition — network effects, switching costs, regulatory entrenchment, scale advantages, or data/IP accumulation. Rated from Narrow through Widest in the Portfolio.
Physical Assets
The real-world infrastructure that would take years and billions of dollars to reproduce — satellite constellations, enrichment facilities, lithography platforms, fabs, energy installations. Rated from Minimal through Strongest & Most Unique.
The Tier System
Holdings are classified into four tiers based on the combined strength of their moat and physical-asset profile. Tier placement is a qualitative judgment — not a price target or buy/sell recommendation.
Highest-conviction holdings. Moats that are exceptionally difficult to replicate and physical infrastructure that would take years and billions to reproduce.
Clearly defensible positions with meaningful physical asset bases. Many Tier 2 holdings are on a trajectory toward Tier 1 as they execute.
Moat still forming or asset base early-stage. Higher uncertainty, but potentially high reward.
Limited or no sustainable competitive advantages. Included for tactical reasons but not considered core positions.