OUR INVESTMENT PROCESS
We use a disciplined, bottom-up, value-driven investment process designed to identify potentially attractive and appropriate investment opportunities. This involves an internal research process where extensive fundamental analysis of a range of qualitative and quantitative factors is combined with an in-depth valuation analysis to create an investment thesis.
After an investment position has been established, it is monitored and reviewed on a continual basis. The decision to divest of an investment will generally be driven by either a change in the underlying investment thesis or if it trades at an unjustifiable premium valuation when more attractive investment opportunities are available.
General Portfolio Characteristics:
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Concentrated portfolio of between 20 – 30 equity holdings when fully invested
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Maximum initial position size of 5% of assets under management
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Targeted annual turnover of less than 20%
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Cash and equivalent levels dependent on available investment opportunities
Investment Universe:
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Publicly listed companies based in the US and developed foreign countries
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No market capitalization limits
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No sector or industry limits
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Equity focused, but flexibility across the capital structure
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Excludes securities with limited secondary liquidity
