We believe equity market participants often ignore long term fundamentals in favour of short-term profit forecasts. We take a longer term orientation, focusing on understanding the quality and sustainability of a company’s cash flow generation as a guide to its earnings power and intrinsic value.

We seek to invest in companies where we have a differentiated view around the trajectory or quality of a company’s cash based earnings. All investments are supported by deep proprietary research.

We invest across the market capitalisation spectrum but we believe the most compelling opportunities are often found in the small and mid-cap universe where companies are generally less well understood and frequently overlooked.

Our experience in equity and credit allows us to isolate the securities within a company’s capital structure which we believe provide the most attractive expression for our investment thesis.