Guiding Principles

  • Value Driven

    We are committed to long-horizon, value driven investing and building long-term, continuous relationships with our clients.

  • Research Driven

    We rely on our own independent research. Written research, and its discipline, has been the cornerstone of our investment process.

  • Contrarian

    We are contrarian (fact-based) investors. Our vision is typically opposite the movement of the crowd.

  • Long Term Investment Horizon

    We measure risk as an impairment of capital. Temporary price variability – ‘quotational’ risk – is not synonymous with capital risk. Returns can be increased by extension of the investment horizon rather than by extension of risk.

  • Absolute Returns

    Our investment approach stresses absolute returns, integrating fundamental research, discipline and patience with the goal of long-term preservation and compounding of capital.

  • Opportunistic

    Our strategies are driven by fundamental research and opportunity, not capacity for asset gathering.

  • Skin in the Game

    We invest alongside our clients and believe that a skin in the game approach is critical to aligning interests.