As bottom-up, fundamental, business-focused investors, we build our portfolios one business at a time. Decisions are made by consensus among our portfolio management teams and we concentrate investments in the businesses we think best fit our six investment criteria.
As active investors, we take comfort in not having to fill certain buckets or tick off boxes when searching for value-adding investments. We are committed to remaining unconstrained in finding what we believe are the best businesses available in the public markets.
We view risk from a business owner’s perspective. The primary risk we seek to manage across all our strategies is the risk of a permanent loss of capital resulting from a negative business or investment outcome. We think the best defense against this type of risk is our intense scrutiny of each business relative to our six investment criteria.