Values & Philosophy

eing conservative in nature, our investment philosophy drives us to seek consistency and stability of earnings as well as long-term growth.

We strongly believe that investments must be stable and have a long history of success, and we must avoid traps in the form of short-term trends. Our opinion is that our investments must be stable, rather than fashionable – fashion trends come and go, compounded returns do not. Our views drive us to seek a “two layered non-discretionary investment” approach. We seek to invest in non-discretionary sectors and businesses with non-discretionary products or services to create certainty of investment returns in the future.

We hold investments for a long period of time and for as long as the fundamentals of the investment have not changed. To further reduce risk, we avoid the issues inherently associated with excessive debt and prefer to acquire investments with equity, not debt.

e understand that we cannot stand still and must continue to observe the environment around us and keep a close eye on our investment foundations. We welcome change, but look to harness it to align with our values and vision. We believe that businesses with strong foundations are better equipped to survive short-term adversity and have better growth prospects.  Therefore we pay particular attention to our businesses’ fundamentals and monitor them on an ongoing basis. If the fundamentals of a sector or the business significantly negatively change, we will look to exit the investment.

We also understand that businesses need to evolve as the environment they operate in evolve – otherwise, they risk extinction. We aim to build defensive strategies around our investments and continuously seek to further enhance and deepen our competitive advantages sustainably. We seek out businesses that are stable, but able to adapt to changing conditions.