Fundamentally Focused

Research Process

In-depth fundamental company research drives our investment process. The continual quest to expand our knowledge base not only enhances our current decision making but also maximizes our future opportunity set.


We look for quality businesses

•   Strong or growing market position
•   Reinvestment potential
•   Strong or improving ROIC
•   Superior performance in difficult economic times
•   Balance sheet strength
•   Proven management

Due Diligence

Bottom-up fundamental research

•   In-depth financial analysis
•   Industry structure and competitive analysis
•   Evaluation of management quality
•   Determine intrinsic value

Points of View

How do we differ from the consensus on long-term fundamentals?

•   Analyzing market assumptions and expectations
•   Anticipating industry trends and changes
•   Projecting future value creation of a company from its current investments
•   Assessing the effects of organizational and management changes


Disciplined approach to buying and selling

•   Value List – asymmetric risk/reward profile
•   Invest in companies that are at a discount to their intrinsic value
•   Evaluate current investments and continuously monitor buy & sell limits
•   Continue to look for superior investment opportunities