Consistency through change
The world is changing as geopolitical tensions grow in a multipolar world. We believe we are at a point of a resurgence in western capital expenditure. Unfortunately, recent experience is of limited use in navigating these challenging times.
We seek quality franchises with high returns on invested capital (ROIC), clear competitive advantages, and resilient ESG credentials. We prefer stocks with lower volatility than the index but with a high potential for upside capture and significant diversification benefits.