Investment Approach

• Employ fundamental, bottom-up research to identify high-quality companies with attractive long-term return potential and improving business fundamentals.
• Assess the durability of a company's competitive position, management quality, capital allocation, cash-flow generation and balance-sheet strength.
• Evaluate valuation in the context of a company's long-term earnings and cash-flow potential, considering both absolute and relative valuation.
• Incorporate macroeconomic, political and country-specific factors into company analysis and portfolio construction.
• Construct the portfolio around the team's highest-conviction ideas, balancing company-specific upside against fundamental, valuation and portfolio risks.