Concentrated portfolios of exceptional companies, purchased at sensible prices and held for years. We think like owners — and let compounding, not trading, do the work.
Strategy composite vs. broad market benchmark, net of fees. Hypothetical illustration; past performance does not guarantee future results.
Concentration is a feature, not a risk to be diversified away. We own our best ideas in size.
Durable competitive advantages, high returns on capital, and honest, aligned management. We start with the business, never the ticker.
A wonderful company at a demanding price is a mediocre investment. We wait for a margin of safety — and cash is a position.
15–25 positions. Our top ten typically represent the majority of the portfolio. Conviction earns its weight.
Low turnover keeps costs and taxes down and lets compounding run. We measure holding periods in years, not quarters.
Representative sector weights for the composite. Actual exposures vary with opportunity and valuation.
Illustrative profiles, not recommendations or a complete list of holdings.
| Profile | Sector | Held since | Weight |
|---|---|---|---|
| Global consumer staples leader | Consumer | 2014 | 7.8% |
| Dominant payments network | Financials | 2016 | 7.1% |
| Enterprise software platform | Technology | 2018 | 6.4% |
| Medical devices compounder | Healthcare | 2015 | 5.9% |
| Industrial automation specialist | Industrials | 2019 | 5.2% |
| Global exchange operator | Financials | 2017 | 4.6% |
Request an introduction to discuss how the equity strategy complements a diversified mandate.