Global Focus

This concentrated, unconstrained, style-agnostic portfolio is constructed to balance risk and reward through investments in leading companies that are exposed to powerful structural growth trends. With a proven track record of performance with the founding portfolio manager, this strategy is rooted in a rigorous fundamental research process that emphasizes private market valuation techniques and cash flow analysis.

We identify areas of structural growth and avoid industries with non-differentiated products, intense competition, or poor economics. Our investment case focuses on three key elements. First, we look for companies with durable advantages evident through strong returns on capital, revenue growth, and free cash flow generation. Second, we determine the appropriate price to pay for each company by valuing operating cash flow and other cash-oriented metrics that are less subject to manipulation than the numbers on the income statement. Third, we pay careful attention to incentive structures to ensure that the value created by the company flows to its shareholders. The result is a portfolio of quality companies owned at sensible prices where business economics are sustainable and can compound over time.