We focus on high quality companies, founders and funds
We would rather own a great company at a fair price than an average company at a great price.
We are biased towards opportunities with an attractive industry structure and in growing end markets.
We focus on risk-adjusted returns, recognising that true risk is the permanent loss of capital as opposed to price volatility.
With a belief that incentives drive most behaviours, we pay close attention to how company management, founders and fund managers are incentivised and how much skin they have in the game.
We operate with a long-term investment horizon
We are fortunate to have a client base which allows us to exploit the short-term bias of the market. We prefer to let our investments compound over long time frames and achieve their full potential.
We strive to make high quality decisions
Our decisions are based on detailed research and insight.
Our team appreciates that the world is often unpredictable, so we’re always willing to change our minds when presented with new or changing data.
We believe that having the right temperament is a key ingredient for investment success
We will only invest within our circle of competence and will pass on opportunities we do not yet understand fully.
We are patient investors and will only invest if the valuation is commensurate to the quality and risk profile of the opportunity.
We believe that doing ‘nothing’ is perfectly acceptable and, in many circumstances, will prove to be the best decision.
We aim to remain intellectually humble and try not to confuse luck with skill.
We are intellectually curious and open minded
We are always learning, adapting and we operate with open minds.
We believe that ideas and inspiration often come from unexpected sources.