Language AFR
Market Review

Investment Philosophy

We focus on finding undervalued companies.

They tend to be:

  •   undiscovered companies (generally small market cap), or
  •   turnaround situations
    •   with good growth prospects
    •   preferably, but not necessarily future winners,
  •   forecast high return on capital; low P/NAV
  •   We place value on predictable earnings streams



We do our own research and numerous company visits (+/- 1000 per year!)
Our portfolios are concentrated.
We are unconstrained, and due to optimal size, nimble.


Our approach leads to:

Volatile returns in the short term
Outperformance over the long term

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