Investment Philosophy

We believe that premium returns are delivered through expertise, rigorous analysis and an engaged, long-term view.

To this end, we only invest in companies where we understand the business model and underlying markets in depth, and where our detailed in-house fundamental research shows opportunities we do not believe are reflected in current market prices.

We look to build a highly focused portfolio of investments and expect to support these businesses over a number of years through our ongoing analysis and continuing dialogue with management and other stakeholders.

We focus our investments on smaller companies which are often under researched and mis-priced, due to a myriad of technical, market and behavioral factors.

Engagement

We are always aware that shares represent ownership of an underlying business.  We believe it is our responsibility to engage with other stakeholders and, where necessary, to support them in improving operations or governance.