We believe that superior returns come from a rigorous approach to fundamental analysis.

We look to invest into companies where we believe we can confidently model the cash-generation potential for at least five years, including the expected use of those cash flows.

We seek to identify companies where we feel the investment case is not properly understood by other equity market participants.

While we do invest in large capitalisation companies, we believe the most compelling investment opportunities are often in the mid-cap universe where stocks are generally less well understood, and this is where the majority of our exposure lies.

We have no bias to investment styles such as 'growth', 'value' or 'momentum', rather we look to invest in companies where we believe we have an investment edge and where we believe valuations do not correctly reflect the outlook for the business.