Investment Principles

Our investment principles is our DNA, a set of beliefs which form the basis for how we manage our clients’ assets. While our investment principles are long established, we continue to fine-tune their application in order to improve our understanding of markets and the probability of investment success.

  1. Inefficient Markets – We do not believe markets are efficient
  2. Invest Opportunistically – Invest below our estimate of intrinsic value
  3. Business Owners – Invest in businesses rather than buying stocks
  4. Risk Averse – Preservation of our clients’ capital is key
  1. Long term – Investing is a marathon, not a sprint
  2. Contrarian – We are not afraid to swim against the tide
  3. Consider scenarios – We consider scenarios rather than making forecasts
  4. Financially strong – Businesses we own must have strong balance sheets
  5. Humility – We make mistakes and always endeavor to learn from them
  6. Integrity – We will act with integrity in everything we do

Research Process

The research effort is our centerpiece. It is a quantitative and qualitative process, with an emphasis on qualitative. Our key aim is to understand not just what sales and profits a company makes, but rather how (and how sustainable). In the absence of this, an attempt to value a company is unanchored – just figures on a page. This is what we mean when we say Value is More than a Number.

Our research effort is lengthy, thorough and ongoing. It is done in-house, using various sources including some of those shown in the diagram below.

It’s a process that has no finish line. The more we think a company fits our Proven Durable Business profile, the deeper we will dig to try to disprove the thesis. And if we find the business is too risky, we walk away.

Investment proposition

We provide progressive, adaptable investment solutions

As an active asset and portfolio manager, we are structured to deliver tailored outcomes that enhance the return profiles of our clients’ portfolios.

We believe we embody compelling alternative and traditional asset management strategies by combining:

  • A diverse team of highly skilled risk-takers
  • Rigorous investment processes
  • A ‘one-team’ approach
  • Active client engagement
  • Fully integrated industry-leading ESG processes

Our focus is on continuous learning, partnership and evolution. We are not here to gather assets, we are here to understand our clients and help them reach their investment objectives.

OUR CULTURE

We believe it is our culture and integrity that sets us apart

To us, this means a deep understanding of our clients’ needs and the collaboration of strong talent.

We are continuously evolving in our efforts to offer compelling investment propositions to clients through products and strategies that have a common goal of superior performance. Attracting and retaining high-quality staff who share this vision is an essential element of success.

Everyone who works here is important. It’s a team effort and we all have a part to play.