Guiding Principles
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Value Driven
We are committed to long-horizon, value driven investing and building long-term, continuous relationships with our clients.
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Research Driven
We rely on our own independent research. Written research, and its discipline, has been the cornerstone of our investment process.
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Contrarian
We are contrarian (fact-based) investors. Our vision is typically opposite the movement of the crowd.
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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.
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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.
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Opportunistic
Our strategies are driven by fundamental research and opportunity, not capacity for asset gathering.
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Skin in the Game
We invest alongside our clients and believe that a skin in the game approach is critical to aligning interests.