our edge

proven credentials

With a minimum of ten years' experience each, the mettle of each of us has been tested through market phases that were extremely unfavorable to value investing, most notably the lamentable "TMT" episode, yet our resolve has never wavered. Indeed, it strengthened after that, as our stance was at last thoroughly vindicated. We will not give in to temptation whenever it is widely proclaimed that "this time it's different". We dare to be patient.

evidence

Our investment style is completely justified by empirical evidence; our own and that of many leading academics worldwide. Statistical evidence of the merits of value investing exists in abundance. Increasingly, research within the field of behavioral finance explains why this successful approach is not widely replicated: it is simply psychologically too difficult for most fund managers. The comfort of the crowd is a cozy but unambitious place to be; it is a path of little resistance, but unfortunately its rewards are only commensurate with its ease.

boutique

As owner-managers, we do not labour under the pressure of avaricious shareholders who are not professional asset managers. We are investment generalists; not blinkered sector specialists. We do not kowtow to committees. We will close to new business when taking on more clients would become detrimental to the best interests of existing clients. We will not relentlessly pursue inflows by launching funds designed to appeal to voguish thinking - we will keep our product range narrow and only ever manage what we believe in.