Investment Objective

To preserve the value of wealth whilst generating an acceptable return on capital over the long term by:

  • Focusing on downside protection and avoiding permanent loss of capital;
  • Targeting an absolute return over a 3-5 year investment horizon; and
  • Aiming to outperform the MSCI All Country World Index (incl. dividends) over the investment horizon

Investment Philosophy

To achieve our investment objective, we aim to manage the Fund based on the following investment principles:

  • Investing in quality businesses at reasonable prices, or in highly undervalued businesses with visible catalysts
  • Being contrarian at market extremes, as the market is efficient most of the time
  • Investing only when scenarios can be reasonably predicted, and being willing to trade when investor expectations materially differ from probable reality
  • Diversifying sensibly, but not excessively - concentrating on our best ideas, and watching them closely
  • Focusing on capital preservation, applying little to no leverage and always building in a margin of safety