Investment Approach

We are fundamental value investors. We do not concern ourselves with predicting share market movements or economic data points. Instead, we focus most of our time on finding great businesses, that are growing and trading at a sensible price.

We tend to prefer those businesses that generate recurring revenues and are integral in their value chain – often this means being a manufacturer of their own product or service (as opposed to merely a reseller), with valuable and difficult to replicate intellectual property.

There are times where we hold excess cash type investments as this is preferred to paying too high a price and adding to the risk of permanent capital loss.

We find our style of thinking often diverges from the popular consensus. We recognise that when a divergent opinion is correct, our investors stand to benefit considerably.

Asset Classes invested in:

  • Domestic (Australian) shares,
  • International listed investment companies and Exchange Traded Funds (ETFs),
  • Listed commercial property,
  • Fixed interest, and
  • Cash.

For ethical reasons, we do not invest in businesses predominantly exposed to gambling activities. You may hold a broader ethical stance and can ask us to refrain from purchasing any particular business you prefer not to own.