Investment Philosophy

Lemelson Capital Management has advocated a Christian Philosophy of investment based on a belief that investments selected on strict value criteria mitigate risk and often lead to better than average returns, a cornerstone of good stewardship. 

Although every situation and investment decision is unique, the pillars of wise investment policy (autonomous thought, discipline, knowledge, patience, focus, hard work, etc.) do not change with time. Nonetheless, successful execution is an art.  Staying within a circle of competence with a focus on proficiency in select sectors is a hallmark. Operational experience and acumen are critical to competent capital allocation and successful fund management.

Management seeks to protect principal by ensuring a substantial "margin of safety" exists in every commitment while consistently producing better than average results in order to leverage the power of compounding over time. 

To learn more visit the About Us page on Amvona.


Padre Emmanouil copy saved for webChief Investment Officer

Fr. Emmanuel Lemelson, CIO

Rev. Fr. Emmanuel Lemelson is a Greek Orthodox priest, activist, and investment manager known for advocating a philosophy of investment based on Christian ethics.

He is the chief investment officer of Lemelson Capital Management, LLC the sole sponsor and general partner of The Amvona Fund, LP which several times has been named the world's top-performing hedge fund according to financial media outlets The Wall Street Journal and Barron's.

His investment research and analysis has been cited in The Wall Street Journal, Bloomberg, CNBC, USA TodayNew York Post, Fox Business Network, Fortune, Forbes, Barron's, Business Insider, International Business Times, Reuters, MarketWatch and and credited with influencing share prices in publicly traded companies, while his ongoing battle with U.S. regulators over Ligand Pharmaceuticals (NASDAQ: LGND) continues to make headlines.  

His position on ecumenism and the role of the Orthodox Church has been cited in The Washington Post, CBS News, Fox News, The National Interest, The Boston Globe, and The Boston Herald among others. 

Prior to his ordination in 2011, Fr. Emmanuel had 17 years of experience as a successful entrepreneur, including authoring multiple patents in design, business process, and software architecture. As a graduate student, he founded, amongst other businesses, the internet site Amvona which achieved ~120% CAGR between 1999 and 2006. In 2005 Amvona ranked among the ten most-visited photography-related internet sites.

He is the founder and president of The Lantern Foundation, a 501 (c)3 private foundation that provides financial support to Christian organizations as well as the founder of the Stowe conference for charity.

Fr. Emmanuel graduated from Seattle University with a B.A. in Theology and Religious Studies and Holy Cross Greek Orthodox School of Theology with an M.Div and has served parishes in New England and Switzerland.

Watch: Fr. Emmanuel on Fox Business News Varney & Co. here

Watch: Fr. Emmanuel on Fox News a Spirited Debate here


Follow Fr. Emmanuel on:

fb    twitt    in


HLA 7774F cropped and saved for web

Chief Financial Officer

John Zoraian, CFO

John Zoraian is a seasoned hedge fund professional with thirty-five years of experience in the alternative investment industry. John has held leadership positions in two hedge funds, with the first growing to $650 million in assets before the retirement of the General Partner, and the second growing to several billion in assets. In 2005, John launched the hedge fund administration business for Sasserath & Zoraian, LLP.

John started his professional career with Peat Marwick Mitchell & Co., the predecessor of KPMG LLP. John graduated with a BBA in accounting from Hofstra University. He is a Certified Public Accountant and a member of both the American and New York Institutes of Certified Public Accountants.

Disclosure: An individual retirement account beneficially owned by Mr. Zoraian is currently a shareholder in The Amvona Fund, Ltd.


Chief Compliance Officer

Jay Molloy, CCO

Jay Molloy is a seasoned securities attorney. He has been practicing securities law since graduating from Boston University School of Law in 1997. His experiences include as an associate at Goodwin Procter and Skadden Arps from 1997 to 2005, and as a partner at Edwards Angell Palmer Dodge from 2005 to 2011. In 2012, he went in-house.

Since 2017, Mr. Molloy has provided compliance and securities/corporate law advice to advisers of all sizes and types throughout the US, including private equity, hedge fund, and mutual fund advisers. He graduated from Tufts University in 1986 and was commissioned as a Second Lieutenant in the United States Marine Corps in 1987.

Mr. Molloy served as an infantry officer from 1987 to 1997, equally split between active duty and the reserves. He is admitted to the Massachusetts bar.

Struiken Clifton for webIndependent Director 

Clifton Struiken, Independent Director, The Amvona Fund, Ltd.

Clifton Struiken serves as an independent director to The Amvona Fund, Ltd.  Mr. Struiken has acted as a director on the board of several BVI and non-BVI companies with a focus on providing strengthened corporate governance. He has been involved in a fiduciary capacity in numerous significant transactions in and outside of the British Virgin Islands.

Being a professional with over 10 years of experience, Clifton is an expert in corporate governance and financial management with over half of his professional experience being in client-facing roles.

Clifton is a qualified accountant being a member of the Association of Chartered Certified Accountants. He is also a Certified Management Accountant with the Institute of Management Accountants in the United States and holds a Bachelor’s degree in finance.

lester headshot cropped


Lester Firstenberger, Advisor

Lester Firstenberger is recognized nationally as a regulatory attorney and expert in consumer finance, securitization, mortgage, and banking law. In a variety of capacities over the past 30 years, Attorney Firstenberger has represented the interests of numerous financial institutions in securitization and other transactions valued in excess of one trillion dollars.

He was appointed to and served a three-year term as a member of the Congressionally created Consumer Advisory Council of the Board of Governors of the Federal Reserve System in Washington, DC. He has extensive government relations experience in the US and Canada at the federal, state and provincial levels. Lester has co-founded several FinTechs that relate to mortgage banking, digital identity, and data privacy. He currently serves as CEO of Veptas Technology Solutions and EVP of FortifID.

Mr. Firstenberger received his Bachelor of Arts degree in Political Science from The Ohio State University, a Juris Doctorate from The University of Toledo College of Law where he was a Member of the Law Review, and an LL.M. Master in Banking Law degree from Boston University. He resides in Philadelphia with his family.

Disclosure: An individual account beneficially owned by Mr. Firstenberger is currently a shareholder in The Amvona Fund, Ltd.