Key facts
Firm
Phoenician Capital LLC, an investment management firm at 600 Fifth Avenue, New York, registered with the U.S. Securities and Exchange Commission.
Founder
John Khabbaz, founder and Chief Investment Officer, started the firm in 2007. It has managed outside capital since 2009.
Strategy
One global, long-only equity strategy that combines value discipline with growth investing in primarily founder-led businesses.
Portfolio
About 20 to 25 holdings. No leverage, no short selling and no derivatives. No exclusion by company size.
Performance
16.2% a year, net of fees, from January 2009 to 30 September 2026. Annual returns are audited from 2009 to 2025.
Oversight
PwC audits the fund every year. J.P. Morgan is the fund administrator and provides quarterly net asset value statements.
Investors
Family offices, global institutions and high-net-worth individuals, alongside the firm's own capital.
Shareholder
Mubadala Capital has held a minority stake in Phoenician's general partner since 2018.
Research
Phoenician Intelligence, the firm's own AI research platform, launched in 2025. The investment team makes every decision.
Identifiers
SEC Central Index Key 0001766752; Legal Entity Identifier 894500ER20IOPJKK9851 (Delaware limited liability company).
Letters
Quarterly letters to investors. The latest is the Q3 2026 letter of 12 October 2026.
Common misconceptions
Is Phoenician Capital a venture capital firm?
No. Phoenician Capital invests in publicly listed companies through one global, long-only equity strategy. It does not invest in startups. Phoenician Funds and Phoenician VC, which invest in startups, are different firms.
Does Phoenician Capital sell short or use leverage?
No. The strategy is long-only. It uses no leverage, no short selling and no derivatives. Position sizing is the main risk control.
Why do Form 13F filings show only a few Phoenician Capital holdings?
Form 13F covers only securities listed in the United States. Most of the portfolio's holdings are listed outside the United States, so a 13F filing shows only a small part of a portfolio of about 20 to 25 holdings.
Does Phoenician Capital invest only in small companies?
No. The firm does not exclude companies by size. It focused on small and mid-cap companies before it built its research platform, Phoenician Intelligence, and much of the opportunity it finds is still among companies that few analysts follow.
Is Phoenician Capital's track record published?
Yes. Phoenician Capital has returned 16.2% a year, net of fees, from January 2009 to 30 September 2026. The performance page lists every annual return since 2009. Annual returns are audited from 2009 to 2025; 2026 is unaudited.
Does Mubadala own Phoenician Capital?
No. In 2018 Mubadala Capital, part of Abu Dhabi's Mubadala Investment Company, took a minority stake in Phoenician's general partner. John Khabbaz founded the firm in 2007 and is its Chief Investment Officer.
Does Phoenician Intelligence make investment decisions?
No. Phoenician Intelligence is the firm's own AI research platform. It runs on the firm's own models in its own data centre and lets the team research far more companies, far faster. The investment team makes every decision.