Strategy

The Fund seeks to achieve superior risk-adjusted returns by implementing a private owner investment philosophy with a longer-than-average time horizon.

 

Philosophy

Private owner mentality focused on companies selling at a significant discount to our estimate of their underlying value.
Longer time horizon provides what we believe to be a significant competitive advantage as time horizons for many investors have shortened dramatically.
Preservation of capital is emphasized by investing in businesses we believe to be significantly undervalued.
Price is a primary consideration, relative to reasonable expected growth.
Investment discipline applied confidently and consistently regardless of short-term market events.

 

Investment Process

IDEA GENERATION

  • Competitive position screen to create an investment universe of investable companies.
  • Regularly monitor universe, update with additions and subtractions based on independent research.
  • Quantitative screens.

RESEARCH

  • Fundamental financial analysis.
  • Emphasis on sustainable free cash flow levels and balance sheet strength.
  • Each idea vetted through proprietary qualitative and quantitive checklist.

INVESTMENT SELECTION

  • No group think.
  • A “position entry” price is established.
  • Determine position size.

MONITORING & EXIT

  • Re-examine original thesis.
  • Track financial results vs. original expectations and compare to current valuation.
  • Exit position when price target is reached or original thesis is deemed incorrect.

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