The firm’s investment objective is to consistently compound wealth over the long term.
They aim to achieve their investment objective by owning a portfolio of high-quality growth stocks created through a process of fundamental analysis. Quality for them is the demonstrated ability of the company to grow with consistent profitability, solid competitive position, and a strong balance sheet. They look to invest in companies that can grow sustainably over the medium to long term with minimal (if any) external capital. This along with management integrity and their dealings with all stake-holders form the bedrock of their investment process.
They are Value Investors in Growth Stocks (VIGS) – that is, they are very conscious of the price they pay to purchase that growth. They appreciate that all good companies may not be good investments if bought at inappropriate prices. Their portfolio has a variety of stocks viz. stocks available at a discount to their assessed value (where the market is not paying attention to mid/long term potential of the company’s investments) or stocks which are substantially cheap in relation to their peer-set or stock which are statistically cheap on their historical earnings. In all their stock holdings, they hope to own the business at a good discount to our assessed value and a reasonably clear path for the value and price gap to converge over time. While they are bottom-up investors we respect business cycles and market volatility and take cognizance of the fact that stock markets at times tend to overly favour or disregard certain stocks/sectors.
They attempt to be opportunistic when such situations present themselves rather than being worried of near term quotational loss or harbor the fear of missing out. They act decisively with our capital when better opportunities are available or at times choose to be in cash if that is the best option. Their main objective is to ensure against permanent impairment of capital while acting with conviction and generating solid risk-adjusted returns.
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