A repeatable process. An unwavering standard.
01
Quality First
We begin with business quality. No price is cheap enough to compensate for a fundamentally flawed business model or misaligned management. Quality is our primary filter.
02
Price Discipline
Even exceptional businesses can be poor investments at the wrong price. We are patient, often waiting years for the right entry point before committing capital.
03
Conviction Sizing
We size positions in proportion to our conviction, not to satisfy arbitrary diversification rules. Our top ten positions typically represent 60–75% of the portfolio.
Deliberate at every stage.
Our investment process is designed to surface asymmetric opportunities while rigorously stress-testing every assumption. We do not outsource thinking to consensus or models — we read primary sources, build original research, and debate ideas internally before taking any position.
01
Idea Generation
Opportunities arise from our global network, systematic screens, and the study of corporate events — spinoffs, management changes, restructurings — where the market tends to misprice.
02
Deep Research
We build comprehensive models of unit economics, competitive dynamics, and capital allocation history. We speak with customers, competitors, and former employees.
03
Investment Committee
Every new position requires unanimous approval from our investment committee. We encourage — and institutionalize — intellectual challenge.
04
Active Ownership
Post-investment, we remain engaged with management and continually reassess our thesis. Positions are held until the thesis is complete or disproven.
Where we invest.
Global Equities
Our primary mandate. We invest in publicly listed equities across developed and emerging markets, with no sector or geography restrictions.
Special Situations
Structural complexity — spinoffs, restructurings, litigation outcomes — creates persistent mispricing that rewards thorough research.
Private Co-investments
Selectively, alongside trusted partners in private companies where we have deep conviction and appropriate governance rights.
Credit Opportunities
Distressed and dislocated credit situations, where our equity-centric analytical framework offers a differentiated perspective.