Guiding Principles

• Value Driven

  We are committed to long-horizon, value driven investing and building long-term, continuous relationships with our clients.

• Research Driven

  We rely on our own independent research. Written research, and its discipline, has been the cornerstone of our investment process.

• Contrarian

  We are contrarian (fact-based) investors. Our vision is typically opposite the movement of the crowd.

• 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.

• 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.

• Opportunistic

  Our strategies are driven by fundamental research and opportunity, not capacity for asset gathering.

• Skin in the Game

  We invest alongside our clients and believe that a skin in the game approach is critical to aligning interests.