Investment Process

“A disciplined approach based on old-fashioned views”

Our investment approach is highly structured, single-minded and based on finding fundamentally undervalued businesses with sustainable cash flows. Nothing fancy, radical or exciting – but a prudent approach to ‘building wealth over time’. We also use long-dated options to enhance returns of investment in which we have high conviction.

“We look for a particular type of company”

The fund focuses on companies with emerging market (India, China, North Asia, and South East Asia) and emerging technologies exposure.

They must have strong brand names, but not necessarily household names and their customers should be advocates of their products and reputation. We also prefer asset-light businesses with high and sustainable return on capital to avoid risk around unpredictable swings in physical asset values. We don’t like fashion and fads.

We like listening and meeting leaders and management teams of our companies. Finding out how they operate and understanding their long-term plans and incentives.

“We are careful investors and define risk in terms of the permanent loss of capital, rather than underperformance from any benchmark”

By investing in a small number of high conviction stocks over the long-term, we believe the risk to capital is significantly reduced. We keep faith in our diligence, process and believe in the management teams we invest in.


In summary, our investment approach is based on:

– High-quality businesses with EM or ET exposure
– Bottom-up stock selection
– Strong valuation discipline
– Long-term investment horizon
– Absolute return criteria
– Benchmark indifference
– Concentrated portfolio of high conviction stock