We are a bottom-up stock picking house with the defining characteristics of having a long-term time horizon (5 years) and commitment to proprietary research.

We employ a common-sense, valuation-driven process to investing in global emerging markets. This identifies mispriced assets trading at discounts or premiums to their long-term business values. These business values are determined using a longer-term outlook and assumptions which ignore 'noise' and other influences that we consider temporary in nature.

As bottom-up investors we do not make investment decisions based on our view of how the economic environment will perform over the short term. We endeavour to understand the macro environment in which our companies operate solely for the purpose of interpreting how 'normal' a company's current operating performance is.