INVESTMENT PHILOSOPHY

Respectful of capacity

Investment flexibility and organisational simplicity are compromised by excessive asset growth. It is important to estimate capacity conservatively and respect the boundaries it imposes.

Independent-minded and unconstrained

The ability to think and the fortitude to act independently, despite being bombarded with other people's opinions.

Specialist, experienced and focused

Knowledge is the most durable source of superior investment performance. It comes from the combination of experience, organisation and focus on opportunities that are overlooked or misunderstood by others.

Fundamental and long term perspective

Fundamental research provides the foundations necessary to weather difficult times. Patience is one of the best sources of superior long term performance in a world that is increasingly focused on the short term.

Passionate and humble

The humility to recognise mistakes and the constant drive to become better.