INVESTMENT PHILOSOPHYWe seek competitive risk-adjusted returns over a full market cycle through a concentrated portfolio of companies that we believe offer durable fundamental strengths, sustainable competitive advantages and compelling valuations. MAIN AIMS Absolute growth rates We seek business models that we believe can support high absolute growth rates.Strong Sustainable Business Advantages (SBA)We focus on sustainable advantages to uncover persistent drivers of shareholder value across the economy.We define strong SBAs in a company as the potential to create tangible enterprise value through sustainable drivers that lead to revenue growth, cost improvement, or enhanced franchise value.Sustainability We use a sustainable investment research framework developed over 10+ years that seeks to identify risks and opportunities that help add value to our due diligence.Valuation We use financial modeling to assess upside and downside price targets to guide risk/return expectations over a multi-year forward horizon.