Our approach / Research
Structure the evidence.
Keep asking questions.
Our research process combines quantitative modelling with macroeconomic, industry, fundamental and thematic analysis. The objective is to understand an opportunity and translate that understanding into a considered portfolio decision.
01 / Define the question
Begin with the opportunity.
What is changing, which businesses may be affected, and what does the market already expect?
Research starts with economic and industry developments and the businesses exposed to them. That context helps define a universe of primarily large, liquid public-market securities for further analysis.
A compelling theme alone is not an investment case. Growth expectations, valuation, capital requirements and competitive dynamics need to be considered together. The same structural change can create very different outcomes for different businesses.
02 / Examine market evidence
Make the information
more useful.
Quantitative models analyse market behaviour, including price and volume characteristics, trends, volatility and changing market conditions. Fundamental information and corporate developments may also inform the research.
Models can generate signals, rankings, scores or position-sizing inputs. These outputs help organise evidence and support portfolio decisions; they do not establish certainty about a company or the future direction of a market.
The investment case asks whether an opportunity is attractive. Portfolio construction asks how much exposure is appropriate.
03 / Apply judgment
A signal needs context.
Model outputs are evaluated alongside the broader economic environment, industry developments, fundamentals and portfolio-level risk. Investment recommendations and adjustments remain subject to human review and the manager’s oversight and discretion.
A change in a model output may justify a closer look at an existing position. It does not remove the need to understand what has changed, whether the investment case still holds and how a decision would affect the rest of the portfolio.
The fund is generally oriented toward longer-term ownership of businesses in which the manager has conviction. Quantitative analysis also assists with the timing and size of exposure, tactical rebalancing and risk management.
04 / Learn & adapt
Models evolve.
The research philosophy endures.
Our models are already used in actual investment decisions. Ongoing research and development continue alongside their use.
Changing markets
and new information
Model effectiveness
and investment context
Refinement, replacement
and new research
Individual models can lose effectiveness or fail as relationships in the data change. Continued use of quantitative analysis requires continued questioning of the tools, their assumptions and their relevance.
The core philosophy remains consistent: combine systematic analysis with an understanding of businesses, human judgment and portfolio risk. An evolving model set is part of that philosophy, not a claim that model risk can be eliminated.