Capability
Capability-driven franchises building advantage around brand, distribution or technology to create a sustainable moat.
Philosophy
Sustainable value. Rigorous process.
We invest in compounding businesses
We look to invest in compounding businesses rather than chase multi-baggers. Our edge lies in identifying developments that have already materialised but remain under-appreciated, tilting the risk-reward firmly in our favour.
A unique valuation framework
We normalise reported earnings not only for differences in accounting, but for differences in capital deployed. By charging a capital cost on assets and working capital, we arrive at an asset-light income — making businesses truly comparable. The higher the RoIC, the higher the residual income.
Competence
Competent management — market-share gains are the ultimate barometer of superior execution.
Capital Efficiency
High-RoIC businesses that compete on something other than capital, acting as a barrier to entry.
Corporate Governance
Good governance, with management incentives aligned with minority shareholders — all at an attractive valuation.
Fund Presentation