We produce fundamental, bottom-up equity research to identify attractive investment opportunities, and we help institutional investors and corporates to engage

We believe that the greatest inefficiencies in stock valuations can often reside in the universe that falls outside of the largest companies trading on a market. As such, we produce investment research on large, small and medium-sized firms. Ultimately, we seek to identify investment opportunities for our clients to generate superior returns, wherever they may exist on the market capitalisation spectrum

No single recommendation framework will meet the needs of all our clients, given their varied mandates and diverse investment styles. However, our chosen recommendation framework best reflects our research philosophy and what we consider to be the one overriding goal of all our clients; namely to make money where a stock fails to reflect the intrinsic value of the underlying company. Where a company's stock is trading less than 10% below or above our calculation of intrinsic value, we would usually consider that stock to have been fairly valued by the market. We believe that most stocks trade at or near intrinsic value most of the time.

We believe that the price of a stock adjusts over time to reflect the intrinsic value of the underlying company. The speed of that process depends on the efficiency of market participants in understanding the future prospects of the company in question. As such, we do not impose a fixed investment horizon on our recommendations

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