Origination in five sectors, deployment in twelve

A specialist earns the right to be concentrated. Depth in one industry produces better entry prices and better exits than breadth ever does, and the institution originates the same way, in five sectors it has worked in since 2019.

Conventional: A single-sector specialist
IGUAKO: IGUAKO Capital

Aspect	A single-sector specialist	IGUAKO Capital
Where the return comes from	One sector, understood deeply, with the whole return tied to the cycle of that sector.	Five origination sectors, understood deeply, with the proceeds free to leave all five.
Where proceeds go	Back into the same sector, because the mandate permits nothing else.	Into whichever of twelve sectors passes the four underwriting tests that quarter.
At the top of the cycle	The best moment to sell is also the only moment to buy, so the proceeds buy dearly.	A good moment to sell in one sector is often a poor moment to buy in it, so the capital moves.
People	One desk, one language of valuation and one network of buyers.	Six divisions and twelve sector desks, with origination and deployment staffed separately.
Concentration	Concentration is the strategy, and is disclosed to clients as the strategy.	47 positions across twelve sectors, under limits set by the Investment Committee.
What the client is buying	Access to one sector, chosen by the client and held until the client sells.	Access to the arithmetic that decides which sector should hold the capital this year.

The difference is what happens after a realisation. A specialist must buy again in the market it has just sold into. The institution takes the proceeds to whichever of twelve sectors is the best available use of them, which is what capital mobility means in practice.