We follow sound investment principles to protect and grow clients' capital over the long term.

We follow sound investment principles to protect and grow clients' capital over the long term.

Investment Counsel

We believe great outcomes are achievable when clients

 

are meaningfully invested in a limited number of good businesses, selected on valuation and quality grounds, and

 

are prepared to remain invested through business cycles and market volatility

To this end we offer two essential services —

 

long-term oriented, valuation-based investing, and

 

clear and relevant insight that empowers clients to withstand inevitable periods of uncertainty

Our investment approach is best illustrated in our memos to clients, and best demonstrated through our portfolio actions.

Relevant and detailed insight is included with our monthly reporting.

Client Memos Prior…

Process

We look for listed businesses that appear reasonable candidates for investment were they private (unlisted) enterprises.

This means we must be comfortable knowing we are merely minorities and unable to liquidate our position for any length of time.

Only buy something you would happily hold if the market shut down for ten years. Warren Buffett

An idea must be

 

inherently understandable

 

appraisable

 

available at a significant discount to our appraised value, and

 

creditworthy

Portfolio Activity

NAV / Returns cumulative, at 28⋅02⋅2019

1 year3 yearsSince Inception
0.5 %24.6 %11.7 %

People



Successful client/adviser relationships are long-term partnerships. Let's start a discussion to find out whether we are suited to working together.






Investment Team

 

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