Robert Leitz

Robert Leitz is a Swiss investment manager and the founder and managing director of iolite Capital, an investment firm based in Freienbach, Switzerland, specializing in equity investments.
He is known for managing a concentrated portfolio of global holdings, focusing on overlooked, poorly understood, and undervalued companies with significant potential. Under his leadership, iolite Capital has reportedly achieved annualized returns exceeding 20%.
Early life and education
Robert Leitz earned a Master of Science in Business Administration and Economics from the University of St. Gallen, a leading European business school. He also studied at the University of California, Berkeley and Columbia University, where he completed his master's thesis under Professor Eli Noam. His thesis examined peer-to-peer networks and digital payment systems, outlining concepts that anticipated the emergence of cryptocurrencies.
Career
Leitz began his career as a management consultant at KPMG's Corporate Restructuring division, advising distressed companies on financial and operational turnarounds. He later joined Goldman Sachs’ European Special Situations Group as an investment analyst, focusing on complex proprietary investments.
He went on to became a founding member of TPG Credit (now Castlelake), a multi-billion-dollar credit opportunities hedge fund launched in partnership with private equity firm TPG. Before establishing iolite Capital, he held a position at Glencore, the world’s largest commodity trader.
In 2011, Leitz founded iolite Capital Management in Freienbach, Switzerland. The firm follows a value-oriented investment strategy, focusing on strategic stakes in undervalued companies, often described as "hidden champions." In 2024, iolite Capital was selected as a core investment partner by Electa Value Capital Fund, a Liechtenstein-based fund of funds, underscoring its reputation for identifying overlooked market opportunities.
He serves as Finance Chair for the Zurich chapter of the Entrepreneurs' Organization and was a non-executive director at Opterion Health AG.
Investing community
Leitz’s investment philosophy has been featured in outlets such as Forbes, MOI Global, Good Investing (Tilman Versch), and Value Walk. He is a regular speaker at investment conferences such as ValueX Klosters (hosted by Guy Spier0, MOI Global (John Mihaljevic), Nordic Value (Ole Søeberg), The Intellectual Investor Conference (previously VALUEx Vail, hosted by Vitaliy Katsenelson), and the German-speaking Investor Meeting in Omaha (Norman Rentrop), where he shares investment ideas and insights. He was featured in an Aquamarine Capital white paper on zero-management-fee funds.
Publicly disclosed investments
Jumbo Interactive (2012): iolite Capital acquired a stake in this Australian digital lottery retailer during a period of international expansion challenges. Leitz backed CEO Mike Veverka’s strategy, contributing to a turnaround that saw Jumbo’s market capitalization rise from A$50 million in 2012 to A$1.1 billion by mid-2019.
Digital River (2013): iolite Capital invested in Digital River, a Minnesota-based e-commerce and payments company, as highlighted in the Manual of Ideas. The investment thesis emphasized Digital River’s undervaluation and potential for operational improvement despite market challenges. From the publication of the thesis in mid-2013, Digital River’s share price (NASDAQ: DRIV) rose from approximately $17.50 to a peak of $26.11 by early 2014, a gain of about 49%. The company was acquired by Siris Capital Group, a private equity firm.
Euler Hermes (2017): Leitz advocated for investment in Euler Hermes (XPAR: ELE), a French credit insurance company, through an article published in the Manual of Ideas. Euler Hermes’s share price increased from approximately €95.00 to €122.00 by November 2017 when Allianz SE acquired Euler Hermes, delivering a total return of approximately 28.4% from the thesis publication to the acquisition date.
Bakkafrost (2018): Leitz endorsed this Faroese salmon farming company for its organic growth and high returns, as noted in Forbes and IntraFish. His analysis proved accurate, with Bakkafrost’s share price doubling within two years.
Shine Justice (2023-): iolite Capital crossed the 10% ownership threshold in Shine Justice Ltd, the parent company of leading Australian law firm Shine Lawyers. Founded in Toowoomba in 1976, Shine Lawyers is now headquartered in Brisbane and employs over 700 staff across more than 40 offices in Australia and New Zealand. The company, which is listed on the Australian Securities Exchange (ASX), announced a share repurchase program in August 2024. A subsequent ASX filing in April 2025 indicated that iolite continued to increase its shareholding.
Dynacor Group (2024): iolite Capital took a 10% stake in this Canadian gold ore sourcing and processing company (TSX: DNG), aligning with Leitz’s focus on undervalued firms. He later called a special shareholder meeting to address governance issues and improve capital allocation.

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