TENACITY

What is tenacity in the context of investing? It is the pursuit of the right answer in the face of challenges, market fluctuations and uncertainties. It is our emotional resilience. It is our adaptability and our steadfast commitment to continuously improve at the craft of investing.

Our tenacity stems from our love of investing. We love what we do – the investing process, understanding business models, companies and our fascination with the markets and the investment masters. We are lucky that the differentiation between work and play is zero.

INTEGRITY

We communicate openly and honestly with our investors. This transparency helps build trust and fosters long term relationships. We hope that our partnership with our investors will be a multi-decade’s journey.

Integrity also refers to our desire to always put the client first. It dictates our fees policy and our decision to always invest alongside our clients.

PERFORMANCE

We are performance focused. Maintaining our targeted double-digit returns over the long term remains our top priority. We place more importance over long term performance than short term performance.

Additionally, evaluating performance solely based on returns does not provide a complete picture. We measure our performance with respect to risk-adjusted returns. We will not take on more risk or deviate from our strategy in an attempt to achieve our goals.

INDEPENDENCE

We work and operate independently. We don’t chase trends or rely on work from sell side research reports or other funds – even our HQ location in Bondi Beach, Sydney, away from the CBD, is designed to provide headspace and more time to focus on what is most important.

Our independence is grounded in our objective decision making, alignment with client interests, risk management and long-term focus.

HUMILITY

The only constant in the world is change. We embrace this mindset in our search for the best businesses in the world at a fair price. Additionally, we are not always right. We have the humility to change our view when new information comes to light and continuously seek to adapt.

We let business merit dictate outcomes, not business favouritism.

LONG TERM MINDSET

We think, assess, and invest for long-term success. We do not focus on short-term market fluctuations or attempt to chase quick profits. Our long term mindset places emphasis on the fundamental analysis of investments.