Philosophy

Intelligent investing for impressive results.

Our investment philosophy is rooted in identifying change in our target companies ahead of the market. We use idiosyncratic viewpoints to create thesis-driven pitches. To best capitalize on opportunities we find in the market, our teams operate with a flexible mandate. We focus not only on outperforming benchmark returns but also on seeking returns that stem from the successful actualization of our theses.

Long-Side

Our “long” view focuses on identifying potential change and catalysts in strong companies which have yet to be realized by the market.

Secular Trends & Themes

Good businesses are well-positioned to take advantage of upcoming trends. These changes are expected to shape social or economic development, which accompanies growth.

Protected & Secure

Fundamental to any investment are defensible competitive advantages. These allow the company to generate predictable returns over a long time horizon which we can capitalize on.

Bargain Hunting

We do not want to overpay for a business. Instead, we identify businesses that are trading at a substantial discount to our estimate of intrinsic value which will soon be recognized.

Short-Side

We take “short” views when we believe there is a subpar business that has not be appropriately identified by the market.

Deteriorating Fundamentals

We want to identify companies that are becoming obsolete due to disruption. “The longs of yesterday” whose fundamentals have quietly weakened.

Deceptive Accounting

There are many firms that are structurally unprofitable and are reliant on deceptive accounting techniques to balance their books.

No Valuation Shorts

We believe that intrinsic valuation techniques require too many assumptions which are rarely actionable in the market. As such, we do not pitch valuation shorts.