Philosophy/Process

Seek to deliver superior risk-adjusted returns

We are committed to generating superior risk-adjusted long-term returns through fundamental analysis while focusing on capital preservation. We believe taking a private equity approach to public markets and owning businesses at attractive valuations with a margin of safety should meet these objectives.

An Owner's Perspective

Our team evaluates investments from the perspective of a business owner, seeking companies with sustainable business models, trading at attractive valuations, and typically possessing value drivers capable of narrowing the valuation gap.

High Conviction

Our fundamental, bottom-up, high conviction approach requires intimate knowledge of the industries, business dynamics, and management teams of each of our underlying companies. Our true active management style underscores our ability to identify value drivers and deliver alpha.

Long Horizon

We take a patient, long-term approach to owning businesses at attractive valuations with a margin of safety. Our private-equity investment approach positions our strategies for strong risk-adjusted returns over our investment horizon.

We employ a well-defined investment process that is consistent and repeatable.

Idea Generation

Keen judgment and innovative perspective in stock selection is the primary source of alpha in our strategies.

Rigorous Research

Our investment process is designed to capitalize on our intellectual capital and disciplined approach to decision making.

Our focus on companies with sustainable business models trading at discounts to our estimate of intrinsic value offers a built-in margin of safety and thus, downside protection.

Focus:

  • Sustainable business models
  • Discount to intrinsic value
  • Value drivers

Discipline:

  • Built-in margin of safety
  • Downside protection
  • Continual risk/reward assessment

Differentiated Portfolio Construction

  • High active share
  • Sector weights are a by-product of our fundamental, bottom-up stock selection process

Price is what you pay. Value is what you get.

— Warren Buffett