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We seek to create value through thoughtful, long-term investments. 

We invest through both public and private markets to build a concentrated portfolio of companies, all of which possess a sustainable competitive advantage, have demonstrated pricing power, and have a long runway to grow profitably.

A small part of our portfolio is invested in private companies that are on course to become publicly listed entities in the near to medium term. We apply a high degree of rigorous research and due diligence to these companies, to ensure the same level of conviction and financial discipline as we have in our public market investments.

Ultimately, the companies we invest in have high return ratios, strong cash flows, and robust balance sheets, and are run by capable, trustworthy managers who are able to redeploy cash flows profitably to grow their businesses over a long period of time. We believe that successful capital allocation decisions can result in steady compounding of returns at a high rate which results in outperformance over the long-term while taking on limited risks. As value investors, we invest in these outstanding companies when their valuations are below our conservative estimate of intrinsic value.

Our diligence process compels us to understand

a business better than anyone else.


The process involves understanding the underlying growth drivers of a business in granular detail, evaluating the strength and sustainability of the competitive moat, and judging the capability and intentions of management. In order to accomplish this objective, we conduct extensive due diligence involving various stakeholders.


We build strong relationships with management teams and entrepreneurs who are well regarded by the industry, in order to fully understand their business, and thus invest with confidence when we feel the valuation is attractive. Our conviction is further strengthened through the extensive on-ground field research we undertake with other stakeholders to understand the company from their perspective.

A key focus of our research is to ascertain the quality of the management team in order to determine their skill at allocating capital and whether they have the passion to take their business to the next level. A less appreciated, but extremely important part of this process, is to evaluate the integrity of the management team and corporate governance structure they have put in place.


Our intensive proprietary due diligence ultimately allows us to discover under-researched opportunities which we use to build a highly differentiated, benchmark agnostic portfolio.

“Practically everybody overweighs the stuff that can be numbered, because it yields to the statistical techniques they’re taught in academia, and doesn’t mix in the hard-to-measure stuff that may be more important."


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