About Us

Investment Approach

Conviction through Clarity

Since our firm’s inception in 1967, the cornerstone of our success has been our strong, independent internal research and disciplined investment process.

Our fundamental bottom-up value investment philosophy is grounded in a highly disciplined proprietary research process, with a focus on capital preservation, absolute risk reduction and downside protection in declining markets.


A Disciplined Active Management Style with a Team Approach

Equity Management

Our concentrated, high conviction equity management approach incorporates five key principles:

  1. Our stock selection process is based on identifying securities trading at a significant discount to their business value.
  2. Our investment process is based on the belief that risk is absolute and the avoidance of capital loss is the key to compound growth.
  3. We believe that owning high-quality, undervalued companies and taking a long-term view can deliver above-average risk-adjusted returns to clients through market cycles.
  4. We eliminate the noise. Our sector and stock weights are outcomes of investment decisions based solely on bottom-up fundamentals and business quality, not top-down macro variables.
  5. We recognize that things won’t always go as planned. For every stock in our portfolios, both a target price and a downside limit are set.
Fixed Income Management

Our fixed income team has the experience and expertise to effectively interpret the yield curve and prevailing interest rate environment. Employing proprietary tools in a risk-focused process, our insights add value to the benchmark over an economic cycle.

We continuously challenge the herd consensus and search for opportunities where the market has mispriced risk and reward. Our fixed income team:

  • Forecasts interest rates and assesses optimal duration and positioning of maturities on the yield curve.
  • Conducts rigorous independent credit research to identify high quality corporate bonds that meet our strict investment criteria.
  • Considers risk before reward.
  • Looks beyond the numbers to consider how ESG factors may impact companies over the long term.
Subscribe to our newsletter