Our approach
Built on research.
Refined by judgment.
We pursue long-term capital appreciation through an actively managed public-markets strategy. Our investment framework connects business fundamentals, market evidence and portfolio-level risk.
The investment universe
Evidence in context.
The strategy primarily focuses on highly liquid broad-market ETFs and selected large-cap equities.
Business fundamentals and market data inform our research. Each opportunity is assessed alongside its price, its role in the portfolio and the risks of being wrong.
One connected process
Understand. Evaluate.
Construct. Reassess.
Model outputs inform a decision.
Human judgment and manager oversight remain central.
- 01
Understand
Study economic, industry and business developments to define the opportunity.
- 02
Evaluate
Use quantitative analysis to examine price, volume, trends and volatility in context.
- 03
Construct
Consider position size, diversification, liquidity and total portfolio exposure.
- 04
Reassess
Review the investment case, market conditions, model effectiveness and risk.
Time horizon & exposure
A long-term view.
A responsive portfolio.
A business can remain attractive over a long horizon while its price, volatility or contribution to portfolio risk changes. Long-term ownership and tactical rebalancing address different parts of the same investment decision.
Position sizes and allocations are adjusted with regard to liquidity, market conditions, investment conviction and overall portfolio risk. The fund may hold cash or use hedging strategies when appropriate. Such measures do not assure a profit or prevent a loss.
Portfolio construction & riskA research lens
Structural change,
across industries.
AI adoption may affect business economics well beyond companies commonly labelled as technology or AI businesses. Infrastructure investment, energy requirements, software adoption and productivity are all areas for investigation.
AI is a research lens, not a required portfolio allocation. The fund has no target percentage of AI-related exposure and is not required to make AI-related investments.
Read our perspective on AI