Investment Approach

Painting left: McIntosh, Brent. Pond. Nicholas Metivier Gallery.

Sculpture right: Boileau, George. Man in Frame No.2.

“Consistently successful at delivering”

— Long term client

Our Approach to Equities

We seek to preserve and grow client capital by outperforming over time while assuming below average risk.

FUNDAMENTAL ANALYSIS

A thorough investigation of a company’s financial statements and operating environment is critical. We analyze earnings and cash flow growth potential, balance sheet strength, and management's track record.

VALUE INVESTING

We pursue hidden gems that the market has overlooked.

IN-DEPTH MANAGEMENT INTERVIEWS

We meet company management teams to better understand the growth opportunities, funding requirements, competitive forces, and challenges the companies face.

EXPERTISE LEADS TO BROADER CHOICE

Our strong analytical skills allow us to research and study companies of all sizes, including small and mid-size companies which are often ignored by the investment community.

IDENTIFYING THE CATALYST

We look for a catalyst that will unlock value such as a regulatory change, industry consolidation, corporate restructuring, a new management team or a new product offering, etc.

BIG PICTURE FACTORS & THEMES

We relentlessly track global issues and identify themes which help us determine where opportunities might arise amidst social, technological, economic and political change.

Our Approach to Bonds

Our primary goal is the preservation of capital and generation of income.

HIGH QUALITY

We buy government and corporate bonds primarily rated BBB or better, diversified by industry and maturity.

FUNDAMENTAL ANALYSIS

We research bonds in much the same way we do equities—deep and diligent analysis. Specifically, we look at earnings and cash flow sustainability, debt manageability, historical track record, industry dynamics, and the issuer’s credit profile.

LIMITED CYCLICAL EXPOSURE

We invest primarily in the bonds of government issuers and high-quality companies in non-cyclical industries.

A FULL UNDERSTANDING OF RISK

When analyzing government issuers, we consider prospects for economic growth, tax revenues and expenditures, and future liabilities. On the corporate side, we devote a great deal of time to individual company analysis. Similar to our equity approach, we meet with management to develop an in-depth understanding of the bond issuer. We continually monitor macroeconomic conditions and the interest rate environment.

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