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 and
  • Targeting an absolute return over a 3-5 year 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