Our Approach

Invest in high quality companies at attractive valuations and hold them for a long time.

The tailwinds behind the growth of the developing world are incredibly powerful. We believe the lion’s share of this opportunity will accumulate to the best quality companies. For us a quality company is one that has a durable and sustainable business model, a robust balance sheet and proven management teams displaying strong governance practices where we as minority shareholders will be treated fairly.

We believe that in the long run, a company’s underlying strength should outweigh its macro environment, and we can only truly understand a company’s strength through bottom-up analysis.

Implementing our approach

Identifying great companies

In our view, the greatest beneficiaries of emerging market growth will be the highest quality companies. We are bottom up investors investing in high quality companies with the aim of growing the absolute value of our client’s capital over time.  As such, benchmarks have no influence on our investment decisions.

Investing in them at attractive valuations

Shareholder returns are a function of the long-term compounding ability of a business and the price paid. We are happy to become owners in a business at a price we consider fair but will avoid investing in if we consider it to be overvalued.  This is true no matter how high the quality of that company.

Holding them for a long time

It is not the ability of a company to generate profits now that’s important, but the sustainability of these profits. Companies can display elevated returns in the short run, but over time the forces of capitalism tend to compete these returns away. We invest with a long term horizon. As such, our analysis of a company’s quality focuses not just on its current economic moat, but crucially its sustainability over time.

Knowing them well

Investing with decision makers we trust is the cornerstone of a robust long term investment case. Companies owned and run by the right people demonstrate a long term approach to decision making and strategy.

We manage risk by getting to know our companies; understanding, analysing and meeting the companies in which we invest.  Travelling to meet key decision makers and conducting in-depth research is a key part of our investment process.

In 2018:


companies met


on-site visits


company meetings

Having a robust process

All our investment and allocation decisions are rooted in company level analysis.  Our process is robust, repeatable and subject to peer review. We apply it consistently executed across all strategies.

Owner's Manual

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download our owner’s manual