Investment Strategy

• We Believe

  Markets are inherently cyclical and oscillate consistently around a secular trend driven by predictable human behaviour Understanding cycles results in a knowledge-advantage vis-à-vis peers We do not pretend to know the future, but we do tilt the odds of reaping asymmetric returns in our favour Exploiting the profit potential of market cycles requires a disciplined investment approach We combine proprietary valuation metrics that filter out market noise with an ability to be contrarian when the payoff for betting against consensus is overwhelmingly in our favour

• We Utilize

  proprietary valuation models to highlight materially mispriced investment opportunities.

• We Monitor

  the ratio of enterprise value (EV) to replacement value (RV) and other proprietary industry-specific valuation metrics to pinpoint cyclical turning points.

• We Invest

  in sectors with the most favourable risk reward characteristics, in companies with the most discounted valuations in each sector and with stable or improving balance sheets

• Our Mission

  consistently find mispriced, compelling recovery opportunities with asymmetric risk/return profiles at the right point in the sector cycle to drive long-term outperformance.

Strategies

We manage institutional equity portfolios, including: