We are constantly looking for high quality, well-managed companies in growth markets, that are profitable and generate cash – simple businesses we can understand reliant on organic rather than acquisitive growth. Investee companies typically hold a dominant market position and enjoy high barriers to entry and pricing power.  Ideally we like niche companies that will do well irrespective of market cycle with a low risk of new entrants.  This allows our companies to enjoy high operating margins.

We believe that understanding and assessing management is important.  Bad management can destroy good businesses. On the other hand, highly motivated, overachieving entrepreneurs can generate considerable value for themselves and their investors and often do so time after time.  These are the people we seek to identify, are privileged to meet and get to know and who we support on behalf of our investors over many years.

Having found an attractive company, we also look for news flow and catalysts for positive price performance.

The investment process is thorough and consistent, combining both quantitative and qualitative analysis.  The main objectives are to determine the quality of the company’s management, to identify the characteristics of the market in which the company operates, and to assess both the value generated for shareholders and the intrinsic value of the business.