The Fund invests primarily in listed securities of companies which, in the view of the Investment Manager, are trading below their true and realisable value. Stock selection is based on a bottom-up approach and is supported by fundamental research and company visits. The Investment Manager places a high emphasis on management quality, cash-flow, pricing power, returns on equity and capital, earnings history and the treatment of minorities.

At all times, we seek to identify value. This often entails investing in out-of-favour companies, industries and markets, and such investments can remain unpopular for some time. The typical investment horizon is 3-5 years although it may be sold earlier if an investment appreciates within that time period to its perceived value.