Intellectual curiosity and experience drive our investment ideas, enabling us to identify interesting companies. We favour investing in sustainable business franchises and carefully consider factors such as long term performance, allocation of capital, return on investment, cash flow and balance sheets - all of which we examine in detail. Equity portfolios are constructed without any reference to benchmarks. The investments are chosen from a universe of around 250 stocks which is constantly evolving.
Buying at the right price is critical to generating good long-term returns. We seek to invest in high quality stocks at the right valuation, and we will wait patiently for the right opportunity before investing. Our portfolios tend to be concentrated, and the stocks within them held for long periods - usually between three and five years.