A PRIVATE EQUITY-STYLE APPROACH TO PUBLIC MARKETS
We are committed to generating superior 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.
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.
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.
Keen judgment and innovative perspective in stock selection is the primary source of alpha in our strategies.
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.
- Sustainable business models
- Discount to intrinsic value
- Value drivers
- 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
The stock market is filled with individuals who
know the price of everything, but the value of nothing.
— Philip A. Fisher