We are resolutely, long-term conservative investors and we try to think like business owners when we invest clients’ capital. We look for high quality profitable businesses through our research process and analysis of financial statements. This approach seeks to identify companies that offer long-term growth prospects that are undervalued by the current market, rather than loss-making businesses.

Once we identify a suitable investment, we will only invest at a sensible price, focusing on valuation, and aim to build a ‘margin of safety’ in each holding of the portfolio. We believe this mix of high-quality businesses, purchased at sensible prices and held over the long term should provide investors with long term outperformance and lower volatility.

Our approach allows us to keep portfolio turnover, and in turn costs, low.

Portfolios will be managed within certain parameters to help manage both the level of risk and to make sure we deliver the service:

• The investments will primarily be UK listed equities, but may include US and European companies

• Companies will have to be worth at least £100 million at the point of purchase

• The portfolio will contain 25 – 30 holdings

• Initial investments will normally be 3% to 5% of the portfolio, but generally no larger than 5%

• We will not usually want to commit more than 15% of the portfolio to any one sector at outset

• We may invest up to 50% in off-benchmark positions, including overseas stocks, investment trust (except for US investors, due to PFIC) and direct bonds