Spin-offs
New companies that index funds and original holders often sell regardless of value.
Pitch book · October 2026
Independent research.
Institutional discipline.
Independent equity research on special situations and structural dislocations across global equities.
01The firm
A fundamental perspective on businesses undergoing change.
Dombey Capital provides independent equity research for institutional investors, family offices and sophisticated allocators. We focus on special situations and structural dislocations across global equities, seeking opportunities with asymmetric risk-reward profiles.
Our work combines fundamental analysis, forensic analysis and artificial intelligence with a disciplined view of value and an explicit awareness of risk. We bring an independent perspective to businesses and markets undergoing significant change, where conventional interpretations may be incomplete.
Our publications and analytical tools give clients the context to assess an opportunity themselves. The research is meant to support each reader's own judgement and due diligence, not replace it.
02Where we look
Special situations and structural dislocations.
Deal spreads
Announced mergers and tender offers, where the gap to the deal price reflects closing risk.
Legal and regulatory catalysts
Rulings, settlements and approvals with a date attached.
Balance-sheet dislocations
Companies priced below cash or book, refinancings and recapitalisations.
03Principles
Three rules behind every publication.
Fundamental conviction
We assess a business through its underlying economics, competitive position and the changes that may affect its value. Our research explains the investment case and its supporting assumptions, giving readers a clearer basis for their own assessment.
Independent judgement
We form our own view of businesses and markets undergoing change, where conventional interpretations may be incomplete. Conclusions are grounded in considered analysis, with the reasoning made clear so readers can evaluate the case alongside their own due diligence.
Risk discipline
We consider uncertainty and the possibility of permanent capital loss alongside the investment opportunity. Our research gives attention to what could undermine the case, helping readers weigh potential outcomes in the context of their own judgement and risk tolerance.
04The research suite
Six resources, one schedule.
The Phoenix Report
The firm's flagship weekly publication, offering in-depth research on selected special situations and earnings-related opportunities. It brings together the investment perspective, supporting analysis and practical decision context in a format designed for institutional review.
Founding MembershipDaily Phoenix Screener
A daily research resource within the DombeyAI Portal, providing timely visibility into situations relevant to the firm's coverage. It supports ongoing market awareness between scheduled publications.
Founding MembershipBiweekly Catalyst Briefing
A concise briefing on forthcoming corporate and market events relevant to special situations. It provides a consolidated reference for clients following developments across the firm's research coverage.
Standard + FoundingOptions Research
A research report on event-driven options opportunities, bringing derivatives-market context to the firm's broader research. Coverage is presented with relevant risk considerations and practical context for experienced market participants.
Founding MembershipEarnings Conviction Model
A proprietary analytical resource for earnings-related research, available within the DombeyAI Portal. It provides additional perspective for members reviewing relevant opportunities and complements the firm's published analysis.
Founding MembershipDombeyAI Portal
The member environment for Dombey Capital's proprietary analytical resources, research tools and historical record. Founding Membership includes the resources available within the portal and subsequent model additions at no incremental cost.
Founding Membership05How a thesis is built
From screen to record.
- 01
Screen
The Daily Phoenix Screener tests each name against size, drawdown, short-interest, financial-distress and turnaround rules.
- 02
Thesis
Situations that pass are written up with the case, the assumptions behind it and what could break it.
- 03
Publish
Each thesis goes out before the catalyst it depends on, priced on the day.
- 04
Record
Every issue stays in the archive, so the original case can be checked against what happened.
06Inside the screener
Short interest against the 15% screen.
Oct 9, 2026 editionAPLD15% screen21.94%Over the $5B market-cap limit
TLRY14.38%Below the 15% threshold
PENG14.23%Below the 15% threshold
NEOG5.14%Below the 15% threshold
07Accountability
Conviction, on the record.
Every thesis is published before its catalyst, priced on the day and kept in the archive. The original case stays available to compare with what happened next.
Founding Members can review the full research record and the model metrics behind it in the DombeyAI Portal.
08Our people
Independent minds. A shared standard.
James Whitfield
Head of Equity Research
Event-Driven & Special Situations
Paul Stenning
Director of Valuation & Capital Structure
Valuation & Capital Structure
Tom Radcliffe
Senior Research Analyst, Derivatives & Volatility
Derivatives & Volatility
Claire Beaumont
Research Analyst, Special Situations
Equity Research — Special Situations
Daniel Reeve
Research Associate, Catalysts
Equity Research — Catalysts
Nina Castellanos
Research Associate, Small & Mid Cap
Equity Research — Small & Mid Cap
09Access
Choose your perspective.
Public Archive
Complimentary
A starting point for exploring our independent perspective on global equities through published executive theses and publicly available research.
Standard Access
$6.67 / month
Ongoing catalyst coverage and the complete public-research archive, for readers who want to follow forthcoming events and revisit the firm's published thinking.
Founding Membership
$1,200 / year
Institutional access to the complete research suite, proprietary models and execution strategy.
| Included | Public Archive | Standard Access | Founding Membership |
|---|---|---|---|
| Published public research | Included | Included | Included |
| Complete public-research archive | Not included | Included | Included |
| Biweekly Catalyst Briefing | Not included | Included | Included |
| The Phoenix Report + back catalogue | Not included | Not included | Included |
| Daily Phoenix Screener | Not included | Not included | Included |
| Options Research | Not included | Not included | Included |
| Earnings Conviction Model | Not included | Not included | Included |
| DombeyAI Portal | Not included | Not included | Included |
| Detailed execution strategy | Not included | Not included | Included |
10Tech Week offer
Two offers worth stacking this Tech Week.
$1,000 back
Stripe is giving businesses $1,000 when they create a Stripe card through Treasury and spend $1,000 by November 11, 2026.
tech-week.com/flashsale$1,000 $1,200
If your business is looking to add research, Founding Membership is $200 off the first year with code FOUNDING200, through November 11, 2026.
lpd.ink/memberStripe sets the terms and eligibility for its offer. Dombey Capital LLC is not affiliated with Stripe. Founding Membership renews at $1,200 a year.
11Next steps
Start with the research.
Dombey Capital publishes investment research and educational content. Nothing herein is personalised investment advice, an offer to buy or sell any security, or a recommendation that any security or strategy is suitable for any recipient. We are not a registered investment adviser.
Turnaround and distressed equities carry substantial risk of permanent capital loss. Historical research outcomes are not a representation of any investor's actual results. Past performance does not indicate future results.