We are a “value long-only” investment manager with an absolute return orientation. We seek to achieve these investment goals over the medium to long term of three to five years or more at a relatively lower level of risk by investing in securities of companies with above average underlying business economics, competent and honest management in place and at entry prices that are calculated to be sensible relative to the valuation of the equity securities.
We call our investment process the “3-Rights” (Right Business, Right Price and Right Management). Subject to the 3-Rights criteria being met, we are usually fully invested holding little or no cash. For us, performance attribution is from securities selection and portfolio construction, not market timing.
Applying the same criteria, we rank the securities that we have selected in order of attractiveness and construct a balanced equities portfolio which is the engine that will deliver our investment returns. We take the mindset of a part owner of the businesses that we have invested in and for that reason we monitor developments in the same underlying businesses closely as well as take active interest in shareholder and related issues.
Investment Process Statement