# Philip Equities

> Founded in 2019, Philip Equities is a public equity hedge fund compounding capital for the world's Centennial Investors. We manage a portfolio of predictable, cash-generative businesses underwritten to produce attractive long-term relative returns across a wide variety of outcomes. Every element of our philosophy, process, and organization exists to serve the institutions that will far outlive us.

## Pages

- [Home](/): Firm overview and navigation.
- [People](/people): Leadership team — Joshua Barach (Founder & CIO), Mark Daniel (CEO & Managing Partner), and Dr. Ashby Monk (Vice Chairman).
- [Our Process](/our-process): Long-form essay on the firm's capital allocation process and investment philosophy.
- [Annual Letters](/letters): Index of annual letters from the Chief Investment Officer (2019–2025).
- [Contact](/contact): Headquarters address in Greenwich, CT and contact emails.

## Annual Letters

- [2025 Annual Letter](/letters/2025): Seven years of performance and the evolution of the firm.
- [2024 Annual Letter](/letters/2024): Lessons from early mistakes and the discipline behind sustained returns.
- [2023 Annual Letter](/letters/2023): Key winners and a more exacting standard for judgment and risk control.
- [2022 Annual Letter](/letters/2022): The fund's only year of underperformance and reaffirmation of the core strategy.
- [2021 Annual Letter](/letters/2021): Robust results in a speculative environment.
- [2020 Annual Letter](/letters/2020): Performance through crisis conditions.
- [2019 Annual Letter](/letters/2019): Breakout first year and introduction of the firm.

## Optional

- [Fraud Awareness](/brand-misuse): Notice on fraudulent impersonation of the firm.
- [Legal Disclosures](/legal)
- [Privacy Policy](/privacy)
- [Terms of Use](/terms)