We really try to think like business owners. This means we try to judge the performance of a company or an investment by the underlying business progress rather than the shorter-term movement in market prices”
Our investment principles
We set out to preserve our clients' wealth by focusing on sustainable long-term growth. When investing our clients' money, alongside our own, we are guided by the principles below.
Long-term thinking creates greater value
A long-term investment horizon allows us to cut through short-term noise and focus on what really matters. We can act and think like business owners and build active partnerships with the companies and funds that we invest in. We believe this creates real value for our clients.
Owning great businesses preserves and grows wealth in real terms
Even modest levels of inflation erode the real value of capital over time. Our investment objective is to outpace inflation and generate sustained returns. We do this by finding high quality companies with pricing power and high barriers to entry.
Sustainability is a fundamental investment issue
Sustainability factors cannot be separated from economic factors as they are inherently part of the long-term risks and opportunities of any company. Sustainability analysis is explicitly integrated into our investment process. As long-term investors, we want to own high-quality businesses that have resilient business models and sustainable business practices.
Navigating market downturns is a critical part of the journey
We seek assets that provide genuine protection in periods of market stress. This allows us to be on the front foot and smooths the journey for our clients. Our in-depth research on companies means that we invest with conviction while minimising the risk of permanent capital loss. Taken together, we build sensibly diversified portfolios, combining investments in high-quality companies with true diversifiers.
Mixing art and science
In this Quarterly Letter, we speak about how we combine our quantitative and qualitative approaches, and how this ensures we fully understand our holdings and partner firms.
Investing for the long term
We seek to be responsible custodians of our clients' capital, investing in a way that is sustainable, sensible, focused and patient.
The big ideas and important details behind our approach to preserving your wealth for the long term.
4 January 2022 | 25 mins
In all our communications, whether it be updating clients on portfolio performance or speaking about our investment approach, we think deeply about what we say and the way in which we we say it. In this Quarterly Letter, we take a look at the letter itself and how it demonstrates this commitment to clear and honest communication.
13 December 2021 | 25 mins
With 2022 just around the corner, we find ourselves in somewhat familiar territory; inflationary pressure, debates over monetary policy, and renewed COVID-19 concerns. In this Market Perspective, we delve once again into the inflationary outlook, ESG investing following COP26, as well as crypto and geopolitics.
4 November 2021 | 27 mins
As the inflation debate rolls on, comparisons with the 1970s persist. Weighing in on this debate, we also take a look at the Autumn Budget and discussions around UK government debt, as well as possible changes in market leadership, European populist politics, and the costs of pandemic suppression actions.