Investment Strategy

Our strategy is characterized by concentrated portfolios. What makes us different is our focus on value-creative business models, and our capacity to assemble them in a way that allows our portfolios to deal with multiple environments

Our approach has been influenced by our experience, and the study of strong investment track records, which tend to share a few traits in common:
  • Bottom-up Value oriented (in house research)
  • Concentrated portfolios (20-30 positions)
  • A limited number of sectors (circles of competence)
  • Lower turnover (3-7 year holding period on core holdings)
  • Willing to be adaptable
Because we acknowledge that in order to have better returns, we must be different from the crowd, there are a few additional things we do differently:
  • We are more Business Model focused than industry specialists, and have an objective internal measure for categorizing them and screening for quality
  • We have a distinctive method of incorporating the environment & business cycle into our approach, using detailed relationship analysis and proprietary economic indicators