Our classic contrarian value investment approach traces its roots to renowned investors such as Buffett, Graham and Templeton
We pride ourselves on a valuation discipline applied through the market cycle. We have a clear ‘buy’ and ‘sell’ discipline driven by intrinsic worth
Our focussed portfolios, with typically less than 25 stocks, provide high active share
We keep our distance from the market noise; concentrating on contrarian value investing with high conviction
We have brought together an experienced, cohesive team who share a common philosophical commitment to patient, contrarian, value investing. We are based in London’s West End, away from the frenzy of the City, to allow us to pursue our global search for value, and our dispassionate assessment of the opportunities that we uncover.
Our experienced investment team discusses the investment analysis and valuations collectively, with final accountability for decisions residing with the portfolio manager.
Our investment focus
Our classic contrarian value investment philosophy traces its roots back to Ben Graham and David Dodd with some of the refinements introduced by the likes of Warren Buffett and Sir John Templeton.
A classic value investor should harness both their deep analytical skills and common sense to disaggregate the statistically cheap from the potential ‘bargains’ – lowly valued stocks, trading at a healthy discount to their intrinsic worth, where we can see a path to that discount closing.
Through sound empirical analysis and understanding of a company’s underlying business, the industry it operates within and its strategic position, sustainable growth or recovery prospects, we establish the potential investment’s intrinsic worth.
The delivery of long-term returns requires a valuation methodology to identify intrinsic worth which is consistently applied during market cycles, with a clear valuation-driven ‘buy’ and ‘sell’ discipline.
What we like
- Bargains! Essentially sound companies that offer a minimum of 25% upside to intrinsic worth
- Negative market sentiment, as we can buy when others are despondently selling
What we don't like
- Excessive exposure to companies that combine both high operational and financial leverage
- Market noise and short-term thinking