CLIENT COMMITMENT

As defensive value specialists, we look to invest in high-quality companies with strong management teams, stable balance sheets and durable competitive advantages that are trading at attractive valuations. We seek to achieve excess returns over full market cycles, with less risk than our benchmark and peers as measured by standard deviation, beta and down-market capture.

INVESTMENT APPROACH

Attractive Reward / Risk

Our disciplined valuation process measures downside risk before upside potential and invests in securities with favorable reward/risk ratios.

High-Conviction Process

The portfolio typically holds between 50 to 75 stocks with business fundamentals considered more important than fluctuations in the wider economy.

Different Than the Benchmark

The benchmark is not used as a starting point for portfolio construction, which should lead to high active share.