Investment Approach

Our investment approach is best described as high-conviction and value-orientated. We are the first to acknowledge the immense difficulties in outperforming stock market indices over the long run, so we play to our strengths:

Optimal fund structure

We have semi-permanent capital which can invest for the long-run, without the typical commercial pressures of the fund management industry

Small & nimble

We are sufficiently small to focus on less-followed areas of the market where there is likely to be greater opportunity

Unconstrained

We are not constrained by a specific investment mandate, meaning we can invest capital solely on the basis of conviction

While we do have considerable flexibility, we seek to operate within a defined circle of competence and risk management framework:

Focus on listed securities

Our experience lies in listed securities and primarily in equities. Due to the auction-driven nature of these markets we believe we will continue to find the best opportunities here

Emphasise patience & margin of safety

Genuinely good investment ideas within a defined circle of competence are rare. We will wait as long as required for these to emerge and then invest heavily when appropriate

Manage downside risk

We use a four bucket approach to diversify investment risk and guide position sizing. We focus on the risk of permanent capital impairment, rather than alternative measures of risk such as volatility