We produce fundamental, bottom-up equity research with a focus on change and industry disruption

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

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

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