Investment organizations generate more intelligence than they retain.

North Lemma captures what matters, connects it, surfaces what repeats, and compounds what works.

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METAClosed
Thesis
Engagement acceleration drives compounding.
Entry
$312
P / E
24.1×
Mkt Cap
$1.1T
Catalyst
Antitrust
Horizon
6 mo
Analyst
S. Rahman
SHOPClosed
Thesis
E-commerce adoption still early innings.
Entry
$64.10
Avg Vol
8.2M
Exit
$58.40
Drawdown
−9.0%
Horizon
24 mo
Analyst
K. Park
UBERActive
Thesis
Margin inflection as scale improves.
Entry
$58.20
Position
2.8%
Thesis Score
3.8 / 5
Last Rev.
May ’26
Horizon
9 mo
Analyst
A. Brennan
LLYActive
Thesis
Obesity franchise underwrites durable multiple expansion across the pipeline.
Entry
$742
52W Hi
$810
Thesis Score
4.6 / 5
Position
5.1%
Horizon
12 mo
Analyst
D. Okafor
NVDAActive
Thesis
AI infrastructure demand is structurally underestimated into 2026.
Entry Price
$118.40
Mkt Cap
$2.9T
Catalyst
Q3 earnings beat
Position
4.2%
Thesis Score
4.2 / 5
Conviction
High
Horizon
12 to 18 mo
Analyst
A. Chen
Scroll to explore↓
NVDAActive
Thesis
AI infrastructure demand is structurally underestimated.
Entry
$118.40
Position
4.2%
Horizon
12 mo
Analyst
A. Chen
UBERActive
Thesis
Margin inflection as scale improves.
Entry
$58.20
Position
2.8%
Horizon
9 mo
Analyst
A. Brennan
LLYActive
Thesis
Obesity franchise underwrites durable expansion.
Entry
$742
Position
5.1%
Horizon
12 mo
Analyst
D. Okafor
METAClosed
Thesis
Engagement acceleration drives compounding.
Entry
$312
P / E
24.1×
Horizon
6 mo
Analyst
S. Rahman
SHOPClosed
Thesis
E-commerce adoption still early innings.
Entry
$64.10
Avg Vol
8.2M
Horizon
24 mo
Analyst
K. Park
Every decision your fund makes is a lemma that contains a signal.
Brightwater Capital · Investment Committee
Marcus Webb · PMWe have a decade of decisions. What do all these signals even mean?
Sarah Chen · AnalystHonestly, they're scattered across emails, models, and memory.
David Okafor · AnalystWe've made this exact call before. I just can't tell you when.
Marcus Webb · PMThere’s a pattern here. We keep missing it.
North LemmaNorth Lemma has it covered.
Marcus Webb · PMHow?
North LemmaWe connect your lemmas. Meanings emerge. Together, they reveal your North.
See it in action↓
The Platform

Intelligence that compounds.

Every decision documented. Every pattern surfaced. Every insight connected to what came before.

NORTH LEMMA
OMS Data
sample_trades.csv

Fund Intelligence Diagnosis

Evaluated across 73 positions · Updated Jun 2026
Fund Intelligence
4.5
Trade Behavior
5.4
Investment Process
3.5
What both layers are telling you
The fund has genuine alpha generation ability (IC 8.1, chasing discipline 8.4) but is sabotaging it through two structural failures: capital is allocated to positions without sound reasoning (sizing 4.9, transfer coefficient 3.5 mirrors 75% lucky wins), and execution discipline collapses between trades (consistency 0.6, rolling IC std dev 0.213 drifting).
Recommended actions
Mandate pre-entry thesis scoringHigh Impact
Require a written mechanism and timeline before sizing. 46% of winning trades currently carry the wrong thesis.
Cap discretionary sizing varianceHigh Impact
Sizing discipline scores 4.9. Tie position size to thesis score to lift transfer coefficient from 3.5.
Standardize mid-thesis reviewsHigh Impact
Consistency is 0.6 with rolling IC drifting (σ 0.213). Trigger a review at every 10% adverse move.
Quantitative behavior meets qualitative reasoning. One unified view of how your fund actually invests.
Your analyst. Your data. Available at 2am before the IC meeting.
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Decision Patterns

8
Right thesis · good result
3
Right thesis · bad luck
34
Wrong thesis · got lucky
29
Wrong thesis · bad result
46% of winning trades had the wrong thesis. A significant share of gains are luck, not process. This will not hold up in allocator due diligence.
Assumption accuracy
Earnings Revision38%
Management Execution25%
Regulatory Catalyst29%
Macro Conditions75%
Competitive Dynamics60%
Valuation Rerating100%
Management Execution assumptions are correct only 25% of the time. This category is systematically broken at this fund.
Decision Quality Over Time
The patterns your fund cannot see. Until now.
A conversation worth having
That is what North Lemma does.
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