We focus on our process to ensure a favorable long term outcome.

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INVESTMENT CHARACTERISTICS

• Repeatable business model

• Predictability in the path to value creation

• Growing end markets

• Increasing returns to scale

• Long runway of high return on invested capital opportunities

• Catalyst driving a changing dynamic for a multi year period

• Growing competitive advantage

• Valuation at meaningful discount to future earnings power

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RISK CONTROLS

• 15-20 businesses with uncorrelated end markets

• 5% average portfolio weighting

• 10% maximum portfolio weighting at inception

• 5% maximum portfolio loss on any individual business

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SELL DISCIPLINE

• Original thesis is proven wrong 

• A more asymmetric investment opportunity comes along

• Risk controls mandate cutting the position

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