looking from different angles

We seek diverse opinions and data sources, and then connect the dots to come as close to the truth as possible.

Seeking hidden potential

Common knowledge is reflected in prices. We search for investments that are yet to be appreciated by other investors.


We always assume we might be wrong. Admitting investment mistakes and learning from them is an inherent part of our investment process. 


We devote our investments all the time they need. Investing is not just work for us. It is an intellectual challenge and our passion.

patienCE and rational DECISIONS

In the short term, stock prices are driven by emotions. In the long term, it is fundamentals that matter. As investors, we own fractions of real businesses with products, assets and employees. Unlike the stock price, their real value does not change every day.


Third Dot FIZ is our only fund. It is an equity fund with a concentrated portfolio, addressed to a limited group of investors.

  • We only buy stocks if we see something material that is underappreciated by the investment community. It may be a new product, scalability of a solution or M&A synergies.
  • We actively seek diverse opinions, speaking not only to our portfolio companies’ representatives, but also to their suppliers, customers and competitors. We oftentimes use alternative data as well.
  • We invest mostly in European midcaps. In our opinion, this is a market rich in mispricings and investment opportunities.
  • We run a concentrated portfolio with large exposure to the equity market, which may imply a significant volatility of our investment returns. 


Andrzej Bernatowicz
Portfolio Manager

  • Oversaw US$ ~2bn while at NN OFE – the biggest pension fund in Poland. His area of responsibility included tech investments and taking care of corporate governance in portfolio companies.
  • Started his professional carrier as a sell-side analyst, covering video games among other sectors.
  • Runner-up in World Schools Pairs Championship (U-21) in bridge.

Robert Florczykowski
Portfolio Manager

  • Oversaw US$ ~700m while at PKO TFI, managing the largest international stocks fund in Poland. He invested primarily in tech and biotech stocks.
  • Member of the Supervisory Board of Captor Therapeutics
  • Graduate of Warsaw University (Mathematics), Warsaw School of Economics (Quantitative Methods) and Jagiellonian University (postgraduate studies in Molecular Biology).

Maciej Popowicz
Partner/Anchor Inwestor

  • Co-founder of Nasza Klasa, once the most popular social network in Poland.
  • Co-founder of Ten Square Games, a leader in the production of mobile hobby games.


Fund Administrator