It has involved everything from hanging around with Games Workshop fanatics to analysing the Indian deodorant market. We’ve monitored cricket bat prices for our work on Sports Direct, recruited mystery shoppers for Morrisons, and tracked every house sale on hundreds of buildings sites to understand more about Barratt Developments.
The depth of our research and thinking gives us the confidence to run a concentrated portfolio. We typically hold between just 12 and 20 investments, all listed in London.
As long-term value investors, we look for businesses that make high and enduring returns on their capital. Their management teams must be trustworthy. And we must be patient, waiting for opportunities to buy shares at attractive prices.
When all this comes together, we deliver excellent returns over the long haul.
If you become an investor, we would see you as a partner. That means we’ll be candid and transparent, treating you as we would want to be treated if our roles were reversed.