Investment Process

Analyst Driven

  • Conduct research with highly-skilled global industry experts
  • Thinking independently often leads to non-consensus holdings

Qualitative

  • Focus on sustainability (supply/demand, barriers to entry, management, substitutability)
  • Allocate capital globally, benefitting from comparative advantages and specific country pricing anomalies
  • Integration of Environmental, Social, and Governance (ESG) principles consistent with our overall investment approach - conviction that the companies in which we invest should act ethically and in the best interest of all corporate stakeholders across the value chain, including employees, customers, suppliers, community members, the government, and shareholders

Quantitative

  • Apply industry-tailored valuation metrics
  • Use multiple metrics (P/E, P/B, P/CF, Liquidation Value, Scenario Analysis, etc.)
  • Position at differential to intrinsic value

Risk Adjusting

  • Require a discount appropriate for the level of uncertainty (management, financial, competitive issues, geopolitical, etc.)

Vetting

  • Portfolio team meets daily to vet ideas and holdings
  • Group input and iterative debate

Skilled Portfolio Construction

  • Portfolio Manager Acumen & Experience
  • Portfolio Diversification Guidelines