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The firm's aspiration

As long term investors our vocation is to apply basic common-sense criteria to our valuations. In doing so we carry out an in-depth study into each of our investments, only then we take independent investment decisions that align the interest of our co-investors with our own.

Investment philosophy

We dedicate all our time and effort into searching for, and analysing, quality companies so that we can invest in good businesses with sustainable competitive advantages and high return on capital employed. We are looking for good companies whose intrinsic value is not reflected in their share price and which are managed by teams that look after the interests of shareholders.

We try to take advantage of short-term mismatches between price and value to maximise long-term return on investment while minimising permanent losses.

As investors, we act rationally by not letting ourselves be carried away by emotions. We apply a "value investing" philosophy where time plays in our favour and patience is a key factor.

Why invest?

We are managers with more than 15 years of experience. We specialise in equity investment and have proved capable of identifying good investments that generate long-term returns.

Equities are an asset that have historically achieved better returns than fixed-income, bonds, treasury bills, gold or foreign currency, with an annualised return of close to 8% over the last 200 years.

By applying strict investment principles value investing achieves returns that are consistently higher than the indices over the long term.

Value investors do not try to predict short-term market behaviour and they see market volatility as an investment opportunity. They seek to minimise risk by investing in undervalued companies so creating a high margin of safety.

We invest in our own funds to share the risks and rewards of our investment decisions with our co-investors in order to align our interests.