Portfolio Construction

"Stock prices may be volatile over the short term, but as investors in businesses−not traders of stocks−the underlying business value is of much greater interest to us. In our view, it does not change as frequently as the market suggests."

Frank M. Sands, CFA

Chief Investment Officer, Chief Executive Officer
Portfolio Construction

  • Portfolio Construction

    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.

  • Benchmark-Agnostic

    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.

  • Risk Management

    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.