Our first principle is that those who have money should concentrate on not losing it. We consider risk to be the avoidance of permanent capital loss. We take a long term, long only approach to investing in equities, fixed interest, and other asset classes.

Our approach frees us from benchmarks. For the index driven fund manager, investment decisions are often influenced by the fear of being left behind rather than genuine enthusiasm for an investment opportunity.

We are unconventional, cautious - and driven by fundamentals.
















Stewardship Code