A differentiated
investment approach
A differentiated
Balancing the tension
We focus on identifying high-quality Franchises. A Franchise is a business with a hard-to-replicate intangible asset that creates a durable competitive advantage. Our experience suggests that Franchises can withstand competition and earn sustainably high returns on capital over the long term.
We combine this with a disciplined approach to valuation. We wait patiently to buy high-quality Franchises when they are attractively priced – often due to a stock-specific or market-wide controversy – and we sell when valuations are full.
Balancing this tension between Franchise quality and valuation risk – instead of leaning too heavily into one at the expense of the other – is key to achieving the goal of Franchise investing.
Franchise
Quality
Absolute
Value
High-Conviction Portfolio
Maintaining discipline
We believe that consistent adherence to the Franchise discipline – while continuing to refine and evolve our toolkit in a dynamic landscape – is key to achieving our clients’ long-term objectives.
Our collaborative and team-based approach supports a consistent, durable implementation of this discipline.
Partners Richard Crosthwaite and Karim Ladha share the key ingredients of Franchise investing.
Stewardship and
We take a returns-led approach to ESG and stewardship to support our goal of earning attractive, long-term returns for our clients.
We view ourselves as long-term co-owners of our portfolio companies, holding investments for many years, and in some cases decades. This shapes a collaborative and constructive approach to company engagement.
