Our View on Value

We follow a value investing approach, seeking opportunities where our assessment of an asset’s intrinsic value exceeds its market price. We aim to manage against permanent impairments of capital.

We define risk not as volatility, but as the potential for permanent capital loss. This lens shapes our security selection and position sizing and seeks to protect against downside.

We aim to deliver long-term returns by looking across time and understanding that short-term underperformance relative to indexes and peers is sometimes necessary to achieve that goal.

We build portfolios from the ground up, rooted in research of fundamentals, financials, and valuation. Each investment must stand on its own merits for us to pursue the opportunity.

Our investment strategies each follow a process-driven approach that remains consistent in both rising and falling market environments.