Portfolio Allocation

Because our research process leads to a high level of conviction for each investment, we stay focused with a concentrated portfolio of roughly 8-15 equities. These investments are primarily based in the US.

Our strategy allows the flexibility to examine companies of all sizes, and evaluate any industry. It also provides us with the flexibility to mix between a “value” style (buying stocks at large discounts to their value) and a “growth” style (buying stocks that are expected to grow quickly). This flexibility can sometimes create extra concentration in certain industries.

We keep our investments simple.

• We do not invest in “distressed” or speculative equities.

• We do not use leverage.

• We do not use any type of derivatives.

• We do not sell short.

However, even without compromising quality, and without encouraging short-term swings, our investment style can still be volatile over the short-term, and requires a long-term investment perspective.