New York-based portfolio manager of outperforming firm answers questions about investing. : ​Last month, GuruFocus took readers' questions about investing for Steven Kiel, an outperforming portfolio manager and founder of Arquitos Capital Management. Kiel's firm, based in New York, focuses on 12 to 18 holdings of primarily North American companies within its concentrated portfolios. Because of his emphasis on conviction, the top five holdings often account for up to 75% of the fund. Since starting New York-based Arquitos in 2012, Steve has achieved returned of 21.3% annually after fees, beating the market’s return by almost 10% per year.