Adhere to strict set of characteristics and criteria

Target strong secular growth opportunities

Perform detailed valuation analysis

Purchase companies trading at a discount

Manage weights based on evolving risk / reward

Rely on in-depth, proprietary analysis

Fundamental, bottom-up research

Constant attribution measurement

Daily portfolio construction / weightings

Adhere to sell discipline

A multi-faceted approach to valuation

Discounted cash flow, private market values

Relative valuation (both P/E and EBITDA)

Invest at a discount to intrinsic valuation

Long-term ownership with a built in “margin of safety”