We look for good businesses, with sound competitive positions and skilled, aligned management teams. We aim, and wait patiently, to buy them at attractive prices. To find good investments at low prices we often have to fish in overlooked and out of favour ponds, be willing to go against the popular consensus and accept that in the short term those businesses may not deliver immediate financial results. We assess each opportunity as a share in a real business, not a security to be traded. We adopt a long-term horizon, with concentrated, low-turnover portfolios. Taking a global perspective, we expect our portfolios to contain diverse businesses from around the world, however we restrict ourselves only to businesses we can properly understand and evaluate. We value the flexibility to protect capital through holding cash but predominantly have long only, fully invested equity portfolios. We conduct our affairs with prudence and place an emphasis on sound decision making, discipline and integrity.
Please contact us to understand more about our investment process.