This is an archive of UMAPAN International’s portfolio activity and client memos from 2015 to 2020. Nothing here is being updated — it is kept online purely as a record.

We looked for listed businesses that appeared reasonable candidates for investment were they private (unlisted) enterprises. This meant being comfortable knowing we were 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 had to be

• inherently understandable
• appraisable
• available at a significant discount to our appraised value, and
• creditworthy

We believed great outcomes were achievable when clients were meaningfully invested in a limited number of good businesses, selected on valuation and quality grounds, and were prepared to remain invested through business cycles and market volatility.

Our INTERNATIONAL managed portfolio followed a long-only, buy-and-hold, equities-centric value strategy. It was intended for investors with at least a 3 to 5 year investment horizon and who sought capital growth at below-market risk.