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Independent Thinking
[In-de-pend-ent Think-ing] ində’pendənt THiNkiNG verb
Is essential to long-term investment success. We are often contrarian and do not pay attention to index compositions when making investment decisions. We believe that when you’re several thousand miles away from Wall Street in a different nation, it’s easier to be independent and buy the things that other people are selling, and sell the things that other people are buying. We also believe that cash is sometimes the most attractive investment.

Discliplined Investing
[Dis-ci-plined In-vest-ing] disciplinəd inves’ting verb
The market presents opportunities every day, but disciplined investing is as much about the opportunities you do not take. Our investments are premised on the concept of “Margin of Safety” which we believe reduces risk.



We are a global investor who seeks to invest in undervalued companies.  We are unconstrained by geography, industry or market capitalisation, allowing us to focus on long-term returns while seeking to minimise the risks of permanent capital loss. 

Elevation Capital Management Limited (“Elevation Capital”) was established with a firm belief that the value investing philosophy is proven to outperform most other investment methodologies over the long term and that investors in general need to think global in their asset allocation.

Our investments are premised on the concept of “Margin of Safety” which we believe reduces risk.


 What this means is we seek to acquire investments that are sufficiently cheap so that there is a margin of safety, which minimises the risk of incurring permanent capital loss. Therefore, it is unlikely you will see us investing in the “fashionable” areas of the market. The concept of “Margin of Safety” was first brought to investors by Benjamin Graham and David L. Dodd in the book “Security Analysis” the core principles of which hold true today. In determining our “Margin of Safety”, Elevation Capital typically focuses on the company’s balance sheet and cashflow generation. This coupled with research into peer companies, corporate mergers, acquisitions and liquidations allows us to assess the “Margin of Safety” on offer. A review of Elevation Capital’s portfolios will detail investments which exhibit one or all of the following characteristics: low price in relation to net asset value / "intrinsic value* (corporate net worth), low debt levels**, history of paying dividends and/or returning capital to shareholders and have some form of economic moat e.g. brands, franchises or other.

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*Net Asset Value / Intrinsic Value – is also referred to as “Private Market Value”. Collectively we define them as the value an informed buyer would pay to purchase assets with similar characteristics. We measure Net Asset Value / Intrinsic Value or Private Market Value by scrutinising on and off balance sheet assets, liabilities and free cash flow. We also examine valuations and transactions in the public domain to formulate our view of possible future value.

**Low Debt Levels – can be assessed relative to tangible and/or intangible assets, free cash flow, the industry in which an entity operates, or versus peers within an industry.

By maintaining a more global focus there is a greater opportunity set to invest in truly world-class companies with attractive long-term fundamentals while at the same time (in our opinion) reducing investment risk for our clients.  We believe that when you are several thousand miles away from Wall Street in a different nation, it’s easier to be independent and buy the things other people are selling, and sell the things that other people are buying. 

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Additionally, as New Zealand domiciled investors we recognise that we and the majority of our investors, whether individuals or institutions, already hold significant exposures to the New Zealand economy. We focus on the fact that New Zealand is a small, geographically isolated economy, that has a history of natural geological events and is heavily reliant on the agricultural sector. These factors all lead us to the conclusion that New Zealand is more prone to the risk of one-off shocks and by living, earning and having assets here, we already have a good natural exposure to its prospects. As a result, we feel it is prudent to direct the majority of our  investment funds offshore. While we do not ignore New Zealand (or Australia) our investment focus in these markets is characterised by investments in what is best described as special situations.

We also understand our role as fiduciaries and have made our remuneration as investment managers transparent for all investors.

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Most importantly, all executives and directors are investors in the Global Shares Fund on the same terms as all other investors. Executives can only invest in the Global Shares Fund and accordingly all invest at least 5% of after tax salaries into the Fund on a monthly basis.

We hope this website provides you with a useful insight into Elevation Capital.
Additionally, our fund documents and research all provide a transparent view of the firm’s philosophies, people, investments/portfolios and communications.









Christopher Swasbrook is the Founder and Managing Director of Elevation Capital Management Limited.
He was previously a Partner of Goldman Sachs JBWere Pty Limited, Co-Head of Institutional Equities at Goldman Sachs JBWere (NZ) Limited and a Foundation Broker of the New Zealand Exchange Limited (“NZX”) and prior to that an Individual Full Member of the NZ Stock Exchange (“NZSE”). He is currently a Board Member of the Financial Markets Authority (“FMA”) in New Zealand, the NZX Listing Sub-Committee (since 2008) and a member of the NZ Markets Disciplinary Tribunal (since 2013). He is also Chairman of Bethunes Investments Limited [an unlisted investment company] with its principal investment/s in aquatic businesses. Mr. Swasbrook graduated from The University of Auckland with a BCom (Economics) in 1996, and has undertaken Graduate/Executive Education courses at: The University of Auckland, Columbia University (New York), New York University (NYU), London School of Economics (LSE) and the Harvard Kennedy School in Boston, Massachusetts.

[email protected]
+64 21 928 262


Craig Stobo is the Chairman and a Shareholder of the Manager.
He was educated at Waitaki Boys High School (Milner Prize), Otago University (BA Hons First Class in Economics) and Wharton Business School, University of Pennsylvannia (Advanced Management Programme). 
He has worked as a diplomat for the NZ and Australian Governments, economist, investment banker and also as CEO and Executive Vice President for BT Funds Management NZ Ltd.
He has chaired the Government review of the taxation of investment income in 2004 which lead to the PIE tax regime; chaired the Government review of financial services exports in 2010; and chaired the Establishment Board of the Local Government Funding Agency (LGFA) prior to its incorporation in December 2011.
Currently he has private equity interests in businesses including Elevation Capital Management Ltd; and is an independent director and chair of the Local Government Funding Agency, AIG Insurance New Zealand Ltd, and the NZX –listed companies Precinct Properties New Zealand Ltd, and Fliway Group Ltd. He has also been appointed by Local Government NZ to the establishment board of the Local Government Risk Agency.

[email protected]
+64 21 733 751


Andrew Harmos is a Non-Executive Director and Shareholder of the Manager. 
He is a founding partner of Harmos Horton Lusk Limited, a specialist corporate legal advisory firm, established in 2002.
Prior to the formation of Harmos Horton Lusk, Mr Harmos was a partner of Russell McVeagh from 1986 to 2002. Mr Harmos is a Director of ASX Listed AMP Limited and SCentre Group Limited which owns and operates major shopping centres throughout Australia and New Zealand, he is also a director of AMP Life Limited & National Mutual Life Association of Australasia (providers of life insurance and investment services in Australia and New Zealand) and Pascaro Investments Limited, a dairy farming investment company. Mr Harmos graduated from The University of Auckland with a BCom LLB (Hons) in 1981.



Richard Milsom is engaged in business development, investor on-boarding and communication/s. He is also a Shareholder of the Manager.
He holds a BCom in Finance and Economics from The University of Canterbury. Following this Mr Milsom developed and sold an adventure tourism business in Queenstown called Wake Tours. This involved acquiring resource consents, extensive marketing and liaising with other major tourism operators. He has also built a successful retail business in Christchurch, New Zealand – Infinite Definite (http://infinitedefinite.com). Here he developed a bricks & mortar operation, an online store with extensive involvement in strategy, IT infrastructure, accounting and the e-commerce platform.
Mr Milsom is currently the Chairman of the Institute of Finance Professionals New Zealand - Young Finance Professional’s and was recently recognised within the industry by being awarded the INFINZ – Emerging Leader Award 2017.

[email protected]
+64 21 274 2476


kevin zou

Kevin Zou is a Research Analyst.
He holds an Executive MBA degree from The University of Auckland (2019). Other degrees he holds include a PGDip Business from The University of Otago and BCom from Shanghai Jiao Tong University which is ranked top 4 in China. He started his career at Thomson Reuters in Shanghai as a financial application specialist. He then joined a multinational travel enterprise in New Zealand as its senior operations manager and was in charge of the company's Chinese market. Thereafter, he became a regional director of an SME online travel platform and assisted the company in entering the Southeast Asia market.

[email protected]


Anup Mohan

Anup Mohan is a Research Analyst.
He holds a Master’s in Business Administration from University of Otago and has over eight years of management consulting experience. He has worked with KPMG and Deloitte advising various private and public sector clients on strategic planning, financial modeling, industry analysis, demand forecasting and project structuring and feasibility. Anup has also worked as an independent strategy consultant for small businesses and not-for-profits in Dunedin.

[email protected]

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Luka Sterling is a Junior Research Analyst.
Luka joined Elevation Capital in 2019 as a Junior Analyst while completing his double degree at The University of Auckland in Law and Arts.

[email protected]

+64 21 155 49 55