We believe that disciplined and consistent application of our investment process will result in the generation of superior returns for our investors over the medium term –

• We analyse businesses and determine what we think they are worth. We buy shares that we believe are undervalued, and sell those that we believe are overvalued.
• We believe that consistent outperformance can only be achieved through superior knowledge of companies and their securities, not through attempts at predicting what is in store for the economy, currencies, interest rates or the overall level of markets.
• We embrace situations that are complicated, difficult to analyse or that require considerable effort, as this often gives us an edge against competitors.
• Honesty and integrity are the core of how we interact as a team.
• We maintain a flat structure, and actively encourage robust debate, diverse opinions and contrarian views, in order to seek out investment opportunities.
• We constantly strive to improve our investment process by embracing inevitable change and acknowledging that the learning process never ends.

For more information about our investment philosophy and how we  invest your capital, download our Partner’s Handbook.