Our research process gives us a knowledge advantage and allows us to focus on opportunities over the next 5–10 years. We assess a company’s potential to achieve its long-term ambitions via first principles thinking: deconstructing a business down to its most essential elements and then rebuilding it to get a clear understanding of its long-term prospects. Through this process, we learn how a company fundamentally works.

This ethos drives our company-wide intellectual curiosity, challenging assumptions and uncovering opportunities that others may overlook. We conduct this analysis often and follow companies for years before we commit capital. We initiate a position with a co-owner mindset, not just as an investor, and our commitment to a long-term vision benefits our funds.