Three Body Capital
Three Body Capital is a Mauritius-registered discretionary macro hedge fund manager co-founded in 2018 by David Cunio and Eugene Lim. It operates the Three Body Fund, a concentrated global equities strategy targeting HNW and institutional investors via narrative-driven, style-agnostic analysis.
- Company typePrivate
- Founded2018
- HeadquartersLondon, United Kingdom
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Three Body Capital does
Three Body Capital is a privately held, London-founded but Mauritius-registered discretionary macro and thematic investment manager. The firm was co-founded in 2018 by David Cunio (CIO/PM) and Eugene Lim (COO/PM), both previously at Capricorn Fund Managers, and operates the Three Body Fund as its sole flagship vehicle. The fund began trading on 27 April 2020 and targets HNW and institutional investors through direct relationships rather than third-party distribution.
The firm's investment approach treats markets as complex human systems driven by narratives, flows, and structure rather than formulaic solutions. The process is narrative-driven and style-agnostic, blending qualitative pattern recognition and cultural observation with quantitative rigour. The Three Body Fund invests predominantly in listed global equities via long and short positions, with a slight preference for emerging market instruments, running a concentrated book of typically fewer than 20 positions and keeping gross exposure and leverage low. Position-level stop-losses and a portfolio-level reset line enforce disciplined risk management. Two share classes are offered: Class B (0% management / 30% performance) and Class C (1.5% management / 20% performance).
The firm monetizes through management and performance fees on the Three Body Fund, with founders investing substantially all of their personal net worth into the funds and business to align interests with investors. The operating entity, Three Body Capital (Mauritius) Limited, holds a Global Business License and CIS Manager License from the FSC of Mauritius and is headquartered in Ebene. Distribution is gated and relationship-led; client acquisition is anchored by the firm's continuous Weekend Reading newsletter (>350 editions), blog, downloadable fund tear sheets and presentations, and social sharing. Securities are not offered to US persons, and detailed investor-level economics, AUM, and financials are not publicly disclosed.
Three Body Capital firmographics
Firmographics- Name
- Three Body Capital
- Legal name
- Three Body Capital (Mauritius) Limited
- Website
- https://threebody.capital
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Three Body Capital is a Mauritius-registered discretionary macro hedge fund manager co-founded in 2018 by David Cunio and Eugene Lim. It operates the Three Body Fund, a concentrated global equities strategy targeting HNW and institutional investors via narrative-driven, style-agnostic analysis.
- Ownership category
- akta.pro rank
Three Body Capital industry classification
Industry- Product category
- Hedge Fund Management
- NAICS
- Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Fundamental/Discretionary Equity Long/Short (FSAHAAAA)
Keywords
Where Three Body Capital is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Three Body Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Management and Performance Fees (Three Body Fund): The Three Body Fund charges fees through multiple share classes. Class B charges 0% management fee / 30% performance fee. Class C charges 1.5% management fee / 20% performance fee. The fund started trading on 27 April 2020 and has been generating returns since inception. This is the primary revenue stream of the firm.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Class B share class — 0% management fee, 30% performance fee |
| Subscription | Annual | Class C share class — 1.5% management fee, 20% performance fee |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Three Body Capital product offering
Product offeringCore offering
Three Body Capital operates the Three Body Fund, a discretionary macro and thematic hedge fund that invests predominantly in listed equities globally, taking both long and short positions with a slight preference for emerging market instruments. The firm runs a concentrated book of typically fewer than 20 positions with disciplined risk management, applying a narrative-driven, style-agnostic investment philosophy to global equities.
Product overview
Three Body Capital is a discretionary macro and thematic investment manager operating the Three Body Fund as its flagship vehicle. The fund, which started trading on April 27, 2020, invests predominantly in listed equities with both long and short positions in global markets, maintaining a slight preference for emerging market instruments. The investment approach treats markets as complex, human systems driven by narratives, flows, and structure rather than formulaic solutions.
Differentiator
Problem solved
Functional benefit
Brands
- Three Body Fund: The flagship vehicle of Three Body Capital, a discretionary macro fund that invests predominantly in listed equities, taking both long and short positions in global equities with a preference for emerging market instruments.
Products and services
- Three Body Fund A discretionary macro and thematic investment fund that treats markets as complex, human systems. The fund invests predominantly in listed equities, taking both long and short positions in global equities with a slight preference for emerging market instruments. It runs a concentrated book of typically fewer than 20 positions with low gross exposure and disciplined risk management. Offered to high-net-worth and institutional investors through Class B (0% management / 30% performance) and Class C (1.5% management / 20% performance) share classes.
Quantifiable outcome
- Low-teens average annual net returns over the market cycle
- +2 more outcomes
Companies that use Three Body Capital
Customer profileSegments1 record
Ideal customer profiles1 record
Three Body Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature3 records
Three Body Capital partnerships and signals
Strategic signalScale indicators4 records
Recent moves5 records
Expansion highlights4 records
Three Body Capital competitors and assessment
Company assessmentDirect peers
- Egerton Capital: London-based concentrated long/short equity manager employing fundamental bottom-up analysis across global equities. Comparable concentrated portfolio, fundamental philosophy, and London-based operating model.
- Caxton Associates: Established discretionary global macro and equities hedge fund with a flexible, fundamental, style-agnostic approach across global markets — closely comparable to Three Body's narrative-driven, concentrated, low-gross philosophy.
- Sachem Head Capital Management: Concentrated fundamental long/short equity manager employing deep fundamental research with high-conviction positioning across global equities. Comparable concentrated, narrative-driven fundamental equities approach.
- Rokos Capital Management: London-based discretionary macro hedge fund founded by Chris Rokos with concentrated fundamental positioning and risk-controlled book construction. Comparable founder-led structure, London presence, and global macro-thematic mandate.
- Carrhae Capital: Fundamental long/short equity manager run by experienced emerging-markets investors with concentrated, idea-driven books. Directly comparable EM-anchored long/short equities philosophy and concentrated portfolio construction.
- Suvretta Capital: Concentrated fundamental long/short equity manager focused on global equities with a long holding period and high-conviction positioning. Comparable concentrated-book construction and fundamental, style-flexible approach.
- TT International: London-based active equities manager with strong long/short global and emerging-markets capabilities. Comparable EM-tilted, global equities mandate and London-based discretionary fundamental approach.
- Capricorn Fund Managers: South Africa / Mauritius-based discretionary equity manager where Three Body co-founders David Cunio and Eugene Lim previously worked together. Directly comparable EM-focused long/short equities heritage, Mauritius regulatory footprint, and global macro-thematic investment approach.
- Findlay Park Partners: Concentrated fundamental long-only and long-biased equity manager with strong American and emerging-markets exposure. Comparable concentrated fundamental philosophy and EM-influenced global equities mandate.
Broad incumbents
- Brevan Howard: Large established macro hedge fund manager with discretionary global macro strategies across rates, FX, and equities. Comparable discretionary macro DNA but materially larger scale and broader mandate than Three Body.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks7 records
Key highlights7 records
Customer concentration
Three Body Capital social profiles
Digital presenceThree Body Capital compliance and trust
Trust signalCompliance3 records
Three Body Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Three Body Capital leadership team
Management profileNumber of profiles
Profiles2 records
Three Body Capital funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Three Body Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Three Body Capital
What does Three Body Capital do?
Three Body Capital operates the Three Body Fund, a discretionary macro and thematic hedge fund that invests predominantly in listed equities globally, taking both long and short positions with a slight preference for emerging market instruments. The firm runs a concentrated book of typically fewer than 20 positions with disciplined risk management, applying a narrative-driven, style-agnostic investment philosophy to global equities.
Is Three Body Capital a public or private company?
Three Body Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Three Body Capital founded?
Three Body Capital was founded in 2018. It employs 1 to 10 people.
Where is Three Body Capital based?
Three Body Capital is headquartered in London, United Kingdom, in the Europe region.
How does Three Body Capital make money?
One revenue line is on record: management and Performance Fees (Three Body Fund).
Who are Three Body Capital's main competitors?
Direct peers on record are Egerton Capital, Caxton Associates, Sachem Head Capital Management, Rokos Capital Management, Carrhae Capital, Suvretta Capital, TT International, Capricorn Fund Managers and Findlay Park Partners. Brevan Howard is listed as a broad incumbent.
Does Three Body Capital have an API?
No public API is recorded for Three Body Capital.
What industry is Three Body Capital in?
Three Body Capital's product category is Hedge Fund Management. Its primary akta.pro industry code is FSAHAAAA, Fundamental/Discretionary Equity Long/Short. Its NAICS code is 52394 and its SIC code is 6282.