JUB Capital Management is an investment manager focusing on special situations in the smaller companies sector.

We use our considerable expertise to generate a range of risk weighted returns through investing in UK, US, Canadian and Australian markets.

JUB manages both funds and discretionary accounts.

the team

Adam Dziubinski

Managing Director
& Chief Investment Officer

Adam trained at CA Trading, a physical commodity brokerage in 2006 and 2007 before moving to Cornhill Capital (a private client broker) where he became Head of Equity Trading in 2009 running commodity based advisory and discretionary funds for HNWI. In 2013, he left to found JUB Capital.

In 2016, he was appointed investment manager of the Resource Early Stage Opportunities Fund (RESOC – a long only commodity fund) by Stone Drum Partners LLP an FCA regulated investment management company. At the end of 2019 JUB Capital merged with Stone Drum Partners to form JUB.

Adam manages the portfolios and is the key decision maker.

Alina Bizgan

Trading and Operations

Alina has 6 years experience in business administration and client services. Prior to joining JUB in January 2018  she worked at Capital Index a CFD trading house. Alina is fluent in 4 languages, has an MBA and a degree in Economics.

the investment process

We employ a rigorous bottom up approach.

Our first port of call is management. JUB  conducts on average 200 to 250 visits a year to companies (both new and repeat visits). We feel we have seen most of the different types of management individuals and teams that operate in the various industries we are drawn to and over time have built considerable experience enabling us to select the winners and more importantly the experience to “avoid” others. We recognise that history is littered with more unsuccessful projects as successful, but this is the type of backdrop within which picking the winners generates the high returns we seek.

Secondly, we analyse the feasibility of the proposed or existing project. JUB has considerable geotechnical experience and conducts numerous on-site visits all over the world. This is especially important given that first-hand knowledge of how to access a site is as important as what is there. A company’s feasibility assessment of a project often differs from JUB’s estimates for many reasons the most common being financial as costs are usually underestimated.  

Finally, we look at valuation and through a range of techniques assess where the markets valuation is relative to our own. Value with a catalyst to us equals undiscounted change, change being one of the most powerful drivers of company valuations. The potential for undiscounted change is what we are hunting.  

Outside the investment process we also acknowledge the importance of accessing deal flow across the sector. The considerable network of corporate brokers JUB has built up over the years is a key part of implementing the investment process.

risk management

We take a pragmatic macro based directional view on all the underlying commodities analysing the portfolio along underlying commodity exposure. Although we like to run a focused portfolio (10 to 12 core positions) where positon size becomes too high we cut regardless of future prospects.

When we can’t find the opportunities or our macro based directional view is unfavourable we can hedge but in reality, we know our safest hedge is to hold cash – we are not afraid to hold 100% cash if needs be.


Managed accounts

Jub offer a discretionary managed account service to professional investors. These are custodied with Jarvis Investment Management.
For more information please contact Alina Bizgan.

ISA and SIPP management

Jub also offer both ISA trading accounts and SIPPs for professional investors.
Please contact Alina Bizgan for more information.


Baale Mane Home for Girls

Baale Mane School

The Baale Mane is a girl’s home on the outskirts of Bangalore, India, for those who have been subject to domestic abuse or for those whose families are simply too poor to provide a childhood which every human should be entitled to.

Since his visit to The Baale in 2011, Adam has been an active supporter of the charity, raising money for its expansion and improvement of facilities. Since founding JUB Capital, the company now gives a percentage of its annual profits to continue to support the charity.

You can help support Baale Mane here.


OFFICE / 25 Ecclestone Place, London, SW1W 1NF, England

PHONE / +44 208 159 2559

EMAIL / ab@jubcap.com
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