Philosophy

Objectives

• To preserve capital
• To deliver absolute returns
• To outperform equity benchmarks over the long-term
• To maintain flexibility by carefully managing capacity

Philosophy

• Fundamental bottom-up approach
• Emphasis on intrinsic values and preference for quality businesses
• Primary focus on "downside protection"
• Benchmark agnostic
• No large thematic or sector "positive bets"
• Seek to avoid bubbles and overvalued sectors or markets entirely
• Cash, gold and high yield bonds are viewed as valid asset classes