Investment Principles and Process

Investment Principles

Founder-Led Focus

We prioritise companies with the highest quality founders who have retained significant ownership and active leadership.

Strong Businesses

We seek businesses with a growing economic moat and high incremental return on equity.

Long-Term Perspective

Our investment horizon aligns with the founders we back. We think in years and decades, not quarters, allowing compounding to create long -term value for our clients.

Investment Process

Our disciplined investment process combines quantitative screening with deep fundamental research to identify the most compelling founder-led investment opportunities.

01 Founder Screening

We identify founder-led companies where the founder continues to play an active and influential leadership role.

02 Margin of Safety

We use a disciplined valuation framework, investing only when the potential total rate of return (TRR) provides a strong margin of safety, reducing the risk that we do not meet our long-term return target.

03 Founder Assessment

We identify the strongest founders using an intensive founder assessment that combines qualitative judgements with a structured quantitative framework.

04 Portfolio Management

Each investment is weighted according to the combined strength of the founder, business fundamentals, and margin of safety.

05 Business Evaluation

We assess each company to ensure the founder is building durable business economics with high incremental returns on equity.

06 Active Portfolio Review

We actively recycle capital within the portfolio as stocks become less or more attractive.