Equity
Owners,
not renters.
High-conviction global and regional equity portfolios built on rigorous fundamental research and the patience to let great businesses compound.
High-conviction global and regional equity portfolios built on rigorous fundamental research and the patience to let great businesses compound.
We invest as long-term owners — and act like it.
Our equity strategies are built on a single conviction: a small number of high-quality businesses, held for the long term, will outperform a broad index. Conviction is earned by research depth, not story-telling.
Each portfolio holds 40 to 60 positions. New names enter only after a written investment thesis is published, debated and approved by the equity team. Existing names are revisited continuously — we own them as long as the thesis holds, and not a day longer.
Six characteristics every business must demonstrate before earning a place in our portfolios.
Returns on capital that exceed the cost of capital — and a moat protecting them.
A management team that can compound capital internally for a decade or more.
Conservative leverage, transparent accounting, no off-balance-sheet engineering.
Founders or owner-operators with skin in the game and decade-long horizons.
We pay fair prices for great businesses. We do not chase. Patience is a position.
Material environmental, social and governance factors are integrated into every thesis.
Concentrated, benchmark-agnostic, measured over the long term.
No exception. No shortcut.