TO BE THE BEST,  NOT THE BIGGEST, TO OUR CLIENTS
AND NOT EVERYTHING TO EVERYONE

ALIGNMENT OF INTERESTS

Staff ownership of firm

Co-investment with clients
(no P.A trading)

Long term performance incentives

QUALITY CLIENT EXPERIENCE

Direct access to key individuals

Frequent publication of thought pieces and insight letters

Annual Investment Forum

CULTURE OF EXCELLENCE

Specialist equity-only manager

One philosophy, one process
(Intrinsic value)

Limited product set

Our goal is to become  the best option available to investors to create wealth by generating consistent and fundamentally safer returns than both the market and competition. We pair temperament with our analytical ability to exploit the phenomenon of compounding exhibited by a minority of companies.
Indeed, opportunities for time horizon arbitrage arise from the market’s obsession with the next set of company financials.  This behaviour allows us to exploit short-term mispricings of exceptional companies that renew corporate value for decades at a stretch.

Our status as an OWNER-MANAGED business specializing in equity investment management, creates a superior enabling environment within which to deliver discernible value to our clients.  

The following are the hallmarks of our investment operations:

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    We buy value, not risk

    We invest exclusively in high quality companies.  Experience has taught us that high quality companies create economic value by growing their cash flows at a rate in excess of national income for decades at a stretch.  As a result, they are less susceptible to cyclical or competitive risk than the majority of companies listed on the stock exchange.  In this instance, our portfolio is a reflection of its underlying holdings relative to the market.
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    Our preoccupation is managing, not raising money

    We have found that it pays to seek idiosyncratic insights on how companies interact with the economy given that 85% of all published research is based on multiples.  Both the concentrated nature of our portfolios and low turnover rates flow from the comfort with which we place probabilities commensurate with hard-earned insights. This investment of our time in curiosity comes directly at the expense of gathering assets.  There simply isn’t enough time in the day for excellence at both.
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    Alignment with and accountability to client outcomes

    Barring personal account trading and investing both compulsory and discretionary savings in our own fund elevates alignment with–and accountability to–client outcomes beyond what ownership and firm profitability dictate.
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    Global perspective for local excellence

    Our investment operations are differentiated by a desire to execute well on what we know and guard against orthodoxy of thought.  We are one of the only asset management firms on the African continent to have both an International Research Advisory board and membership to an elite association of global boutique investment firms, Group of Boutique Asset Managers (GBAM).  Both bodies allow us to use historical perspectives and global context to inform our thoughts and actions.