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We focus on our process to ensure a favorable long term outcome.
INVESTMENT CHARACTERISTICS
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Repeatable business model
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Predictability in the path to value creation
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Growing end markets
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Increasing returns to scale
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Long runway of high return on invested capital opportunities
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Catalyst driving a changing dynamic for a multi year period
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Growing competitive advantage
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Valuation at meaningful discount to future earnings power
RISK CONTROLS
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15-20 businesses with uncorrelated end markets
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5% average portfolio weighting
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10% maximum portfolio weighting at inception
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5% maximum portfolio loss on any individual business
SELL DISCIPLINE
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Original thesis is proven wrong
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A more asymmetric investment opportunity comes along
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Risk controls mandate cutting the position
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