We are patient, long-term investors and aim to grow client capital at an above-average rate, but without taking on excessive risk. Modern investors are increasingly index-driven and short-term focused, creating a niche opportunity for patient, value-driven investors such as ourselves. We do things differently to most investment managers, not because we seek to be different, but because we think it will help generate superior returns.
Key attributes of our investment approach include:
- Focused portfolios of 20-30 companies
- Strong preference for good businesses, but only when mispriced
- Strong preference for owner managed businesses
- Invest independently of the index or peer group
- Use our size advantage to seek opportunity in uncrowded areas
- Alignment of interests – we eat our own cooking
- Hold cash when opportunities are limited
In simple terms, we seek long-term ownership stakes in good businesses, with good management, that are available at a good price.