Generally we buy assets when they are cheap and sell them when they are expensive. This is an active investment strategy. It’s not an exact science but we believe active investors can achieve above-average market returns. That is our goal. To choose our investments we do research, we talk to knowledgeable people in the market and to the management of the companies we invest in. And we change what we invest in – and how much we invest in it – based on our opinions about the research we’ve done.


Even the best investment ideas have risk which must be managed. Our portfolio managers focus on avoiding or reducing unnecessary volatility and investment draw-downs as rigorously as they seek returns. We look at risk when we select, size and manage each investment for each Fund. We have agreed controls on how big positions can be, how many funds can hold one company and what our reaction should be to good and bad news. This discipline is consistent across all funds but can be applied differently depending on what each fund invests in.

How we Invest

We look for a relatively small number of companies we believe the market has mispriced relative to a company’s outlook.

There are four key stages to our investing process:



We look for companies with:

  • High quality management
  • Competitive advantage
  • Profit and revenue growth
  • Industry tailwinds
  • Low gearing ratios
  • Strong cash conversions
  • Large reinvestment opportunities


We value companies by:

  • Conducting scenario analysis
  • Forecasting financials
  • Assessing business quality, checklist score and liquidity
  • Comparing discounts and valuations with peers and history
  • Establishing price targets and ranking
  • Channel checks


We build a portfolio:

  • Weighted by determining conviction levels and expected return
  • With no limit on cash position
  • Including active management of market risk


We continuously evaluate by:

  • Reviewing business quality and implications of announcements
  • Calculating returns and portfolio weightings
  • Maintaining comprehensive portfolio dashboards
  • Fortnightly Investment Committee meetings and weekly Investment Team meetings
  • Actively monitoring industry developments

We’re here to help

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