Differentiating Features of the Fund


We do not believe that investment success can be achieved by 'following the pack'. In fact, we resist crowd psychologies, regularly finding fertile ground for new investments in unpopular sectors and unloved companies, which we believe offer good value in view of the business's potential over the long term.

Concentrated Portfolio

We believe that a carefully constructed portfolio of between 10 and 25 well-understood investments trading below their intrinsic value gives the Fund the greatest chance of outperforming over the long term. Furthermore, this level of concentration allows each investment to have a meaningful impact on the Fund's performance once the market recognises its true value.

In any case, we believe the majority of the benefits of diversification are achieved by holding a core portfolio of approximately 20 investments.

Benchmark Unaware

While indices may be useful in comparing investment returns, we do not use benchmark equity indices as a tool for active portfolio construction. Securities are selected on their individual merits, not simply because they represent a certain weighting in a particular index.

Our investment process is focussed on identifying companies that we believe will deliver long term outperformance and not on managing short term volatility versus a benchmark. Given our contrarian approach, the Fund may therefore underperform the securities markets in the short to medium term.

Alignment of Interests

Our management team invests alongside clients in the Fund.




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