Georg and Martin have been business partners from their first childhood venture, selling bows & arrows on Labor Day in Maine, to the current investments in public and private businesses. Fratres not only stands for brothers. It also means our network of partners and friends we enjoy working with.

A Privilege to Grow Your Capital

Our company was founded in 2010 to enable our partners to co-invest with us. We own stakes in several businesses and allocate our time to understanding the drivers of earnings power.

We do the research ourselves and established a trusted network of friends with whom we share ideas. While we can buy any stock anywhere in the world, our focus is on a few that we know well. We like to study the best and most scalable businesses that are trading at premium valuations. Then we wait for sentiment to change and an opportunity to become a co-owner at a reasonable price. Our companies should at least double their intrinsic value over a period of five years.

Our Equity Research Team

Georg Krijgh


Georg completed his undergraduate studies, with a major in physics, at the University College Utrecht and at the University of California, Berkeley. This was followed by a Master’s degree in economics and finance from the Erasmus University in Rotterdam.

Between 2007 and 2010, Georg worked as an equity analyst at Rabobank covering banks and insurance companies. The financial crisis of 2008 provided a great opportunity to buy stakes in wonderful companies. In 2010, Georg founded the Guardian Fund to focus on his passion to invest and to enable partners to join him on this journey.

Martin Krijgh


Martin holds Master’s degrees in law from the University of Amsterdam and Georgetown University. After his studies he worked for five years as a corporate lawyer specializing in mergers and acquisitions at De Brauw Blackstone Westbroek, a leading Dutch law firm. Then, he worked for three years in ABN AMRO Bank’s corporate finance team.

In 2018, Martin joined the Guardian Fund to focus on investing and to support and scale young businesses.

Felicia Groenewoud


Felicia completed her studies, with a major in Finance, at the VU University in Amsterdam and the University of Westminster in London.

After her studies she worked as an equity research analyst at Kempen & Co and later at ABN Amro Bank covering the Financial Institutions.

In 2017, Felicia joined the team to focus on her passion to invest in public equities.

Seth Lowry


Seth graduated from the University of Colorado with a specialization in finance. His career began in 2007 at Merrill Lynch where he spent three years covering Freight Transportation as an equity analyst. Subsequently, he spent two years within Merrill Lynch’s investment banking division in which he advised Energy and Natural Resources companies on capital raising and M&A.

From 2011 to 2014, Seth re-joined a former colleague to cover the Transportation sector in Citibank’s equity research department. After leaving Wall Street in 2015, Seth committed himself to Value investing. He is firmly dedicated to Value Investing doctrine, particularly in approaching stocks like owning long-term, private businesses. At the Guardian Fund, Seth plays a valuable role in investment research and due diligence.

If you’re not willing to react with equanimity to a market price decline of 50% two or three times a century you’re not fit to be a common shareholder, and you deserve the mediocre result you’re going to get compared to the people who can be more philosophical about these market fluctuations.”

Charlie Munger

It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

Warren Buffett

“Life’s too short to hang out with people who aren’t resourceful.”

Jeff Bezos

“The extreme human temptation to compromise on hiring is one of the main entropic forces conspiring to ensure that great companies rarely stay that way.”

Patrick Collison