Investment Approach

• Seek to identify relatively high quality companies with strong brands, assets, and/or franchises facing controversy or uncertainty that we believe is addressable (ex. Cyclical weakness, self-inflicted issues, improving industry cycle).
• Consistently applied relative value approach focused on large cap universe with a longer-term investment horizon (typically two years or more).
• Use valuation as our guide (Price to Earnings, Price to Book, EV/EBITDA, Free Cash Flow Yield, Sum-of-Parts).
• Partner with our global research analysts to perform fundamental analysis (build valuation models, company visits, management meetings).
• Balance valuation appeal and quality of company.