Investment Approach

• Philosophy
• Process

Investment Approach - Philosophy

Shares of high-quality, growing companies, purchased at good prices, should provide superior risk-adjusted long-term returns.

Such companies demonstrate:

• Durable Growth: Reliable growth of revenues, earnings, and cash generation under a variety of business conditions;
• Capable Management: A track record of success, a proven regard for shareholders, and a clearly-articulated business strategy;
• Financial Strength: Strong free cash generation, a sound balance sheet, and access to credit; and
• Competitive Advantage: A strong position within an industry that has a favorable competitive structure manifested as high and rising profit margins.