We utilise a Quality Value approach: we buy good businesses when they are attractive relative to their normalised cash operating income.

We seek the following:

1     Moats: durable entry-barriers and attractive long-term economics.

2     Management: honest, competent people.

3     Margin of safety: large upside and limited downside.

Investment ideas are identified through our own fundamental research and on-the-ground due diligence.

Portfolios are constructed one company at a time and typically consist of 15-20 holdings.

"Stocks are simple. All you do is buy shares in a great business for less than the business is intrinsically worth, with managers of the highest integrity and ability. Then you own those shares forever."

- Warren Buffett