Skip to main content

Investment Philosophy

A consistent investment philosophy utilizing core principles:
bottom-up focus • fundamental research • high-conviction


We think about and value businesses like a private owner and look to buy at a discount to that intrinsic value. We believe that the value of a business is a function of the cash flows it will generate over time.

Human behavior and market sentiment are more volatile than the underlying intrinsic value of a business. With a long-term view, we look beyond short-term volatility and focus on company fundamentals.

We believe there are a limited number of great investment ideas. Therefore, we build bottom-up, research-driven, high-conviction portfolios with the aim of delivering attractive risk-adjusted returns for our investors.

Our equity portfolios are differentiated by market-capitalization and the degree of investment flexibility afforded to the portfolio managers.

Conservative Allocation

Our core strength is security selection. We focus on identifying investment opportunities in line with the strategy's conservative approach and do not overdiversify.

The conservative allocation portfolio includes higher-quality stocks and generally shorter-duration, higher-quality bonds. During market dislocations, we may opportunistically invest a portion of the fixed income allocation to high-yield and longer-duration securities.

Fixed Income

We believe the key to winning in fixed income investing is not losing, so we seek to avoid credit mistakes and investments that depend only on a correct interest rate bet.

Credit investing is asymmetric in nature. Therefore, we focus on downside risk management and portfolio income generated per unit of risk.

We believe fixed income markets are at times inefficient and illiquid. We remain capacity conscious while building flexible, high-conviction, multi-sector portfolios that allow us to add value for investors over time.

Our fixed income portfolios are differentiated by duration and the investment flexibility afforded to the portfolio managers.

Learn More
background Back to top