Our investment philosophy defines us as a research based organisation.
We believe effective research starts with intuitive opinions on a potential opportunity. On this basis, we seek to generate multiple investment hypotheses around the circumstances creating a market anomaly. These hypotheses are tested through a rigorous, evidence based research process.
Our research process entails detailed analysis of historical company accounts, notes to the financial statements and all company disclosures. Upon this foundation we then undertake a heavy external communication process – with company management and industry participants such as suppliers, customers, government bodies and consultants.
Our objective is to genuinely understand the key drivers of a company within an industry, and more importantly understand whether the current market expectations for a company are properly priced by the securities market. Ultimately, we are looking to exploit mismatches between perception and reality.