An activist investment firm that unlocks value in home builders — through sharper governance, stronger execution, and disciplined capital allocation. Patient capital. Pointed questions. The occasional boardroom insurrection.
Keel & Haul takes meaningful positions in well-run home builders whose shares trade below intrinsic value because of governance and capital-allocation choices — not because of the business. Then we engage: patiently, privately, and — only when we have to — publicly.
We are not here for a quick trade, a balance-sheet raid, or a public spectacle. We are here because the gap between a good company and a good stock is almost always closeable — and almost always hiding in plain sight.
“The protection a board thinks it has and the value a board actually delivers are rarely the same document. We read both. Footnotes included.”
A couple of settlements. A board or two that’s better for the conversation. And an enduring preference for the version of events where everyone ends up shaking hands.