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We conduct extensive due diligence on each investment – before and after investing.
Valuation/
Accounting
Analysis
Low P/E
Low Price to Book
Low Enterprise Value / EBITDA
Accelerating earnings
High ROE
Low debt
Increasing dividends
Company
Analysis
Quality and depth of management
Competitive position
Sensitivity to economic/market cycle
Margin and sales trends
Geographical breakdown
Macro environment
We look for
companies with
these traits
Durable advantage
Assets that can’t be replaced
Number one or two in their market
Low cost operator
Global distributor with scale
Countercyclical
Long-term
horizon
Multi-year time horizon for investment thesis
Positions will grow over the courseof a market cycle
Unloved and undervalued companies whose potential can be realized
Avoid fads and find companies with sustainable business models
Constantly monitor our investment thesis
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