Mexico City, Mexico


Founded in 2012 in partnership with Markel Corporation, Vanshap Capital is an investment management firm focused on connecting like-minded investors to quality businesses run by exceptional managers in capital constrained markets. We are highly independent-minded and pride ourselves on investing where others ignore, establishing a consistent competitive advantage.

We strive to be highly disciplined and maintain acute focus on the balance sheet, business durability, and capital allocation decisions. We truly understand and revere the word risk, and are not willing to ‘pay up’ for the privilege of owning a business at valuations that already reflect high growth expectations.

We are privileged to have Markel as a founding partner, and other like-minded investors that have joined the Partnership. This highly disciplined group allows for several key competitive advantages:

A Truly Long-term Orientation

We have no pressure to beat any index or peer in the short-run but rather seek to earn an attractive risk-adjusted return over the mid-to-long term. Bear markets and economic ‘misery’ do not scare us, they entice us. Volatility and erratic market behavior are not something we fear, but something we welcome. We do not seek to manage volatility, but rather manage the risk of permanent capital loss through intensive fundamental analysis, on the ground due diligence, maintaining strict valuation discipline, and implementing reasonable portfolio diversification. We stay faithful to our contrarian principles even when unpopular to do so, because we believe this is the best method to responsibly maximize risk-adjusted returns.

Radical Transparency

We pride ourselves on communicating with our partners about our investment process through detailed investment letters, presentations, trip summaries, and investment memos about our core holdings. We strive to be in the top echelon of transparency in the investment management business. We believe well-informed partners are absolutely critical to our long-term success.

Long-lasting relationships

We make a great effort to build long-lasting relationships across the globe by sharing our knowledge with friends, trusted colleagues, and partners alike. We have found these relationships provide tremendous symbiotic value to both parties in many ways, beyond additional analytical insight.

The Golden rule

We strive to conduct business in the most ethical manner and do our utmost to remain compliant in a world of continuously increasing regulations. We strongly believe that operating ‘the right way’ is not only the correct thing to do morally but is good business in the long run.

First as analysts and then as portfolio managers, we have worked together as a team for more than a decade, eagerly enjoying the hunt for global value opportunities.

Evan Vanderveer

Portfolio Management

Managing Partner of Vanshap Capital since 2012, previously serving on the Board of Directors of Detrex Corporation, a former firm investment, from 2015-2017. Prior to Vanshap, Evan was an Investment Analyst at Aegis Financial Corporation where he helped expand idea generation to include international equities. Evan received a Bachelor of Business Administration degree with a concentration in finance from The George Washington University.

David Shapiro, CFA

Portfolio Management

Managing Partner of Vanshap Capital since 2012. Prior to Vanshap, David was the Senior Investment Analyst at Aegis Financial Corporation where he spent nine years working with the team analyzing both equities and high yield bonds. David received a Bachelor of Science in Management degree from Tulane University with a focus in Accounting and Finance.

Daniel Rustad, CFA

Investment Research & Operations

Investment Analyst working with Vanshap Capital since 2019. Prior to working with Vanshap, Daniel was a Research Analyst at Greenwood Investors where he focused on general long/short equity opportunities. Daniel received a Bachelor of Arts in Economics degree from the University of Southern California.