When evaluating a company, we emphasize its intrinsic business value, meaning its returns on invested capital and its ability to generate free cash flow. We believe the companies chosen for our portfolios will have a clear, sustainable competitive advantage, unique secular opportunities, and an exceptional management team, dedicated to creating shareholder value. We look to create differentiated portfolios with exposure to both secular and idiosyncratic growth drivers.

With a long-term focus, we generally look to hold our investments for three-to-five years or more.

Company-specific research and portfolio construction considerations for investment strategies are discussed regularly with the entire investment team. Ideas are presented to the group for vetting and deliberation, a vibrant example of our firm’s ‘culture of debate.’ Our portfolios are built to be benchmark-agnostic, with weightings determined by a careful assessment of risk and reward.

We believe strongly that the depth of our understanding of each company we hold differentiates our firm from other investment managers.

ESG-Driven Opportunities

We proactively identify material inflections in growth or returns for companies which are driven by ESG-related changes. We also overlay ESG issues to better assess sustainable competitive advantage.