We select profitable and well-run companies with attractive valuations that have difficult-to-replicate advantages and are resilient to change, particularly technological innovation. These businesses can sustain a high return on operating capital, don’t require significant leverage to generate returns and also create growth by reinvesting cash flow.

This is a concentrated portfolio of between 30 and 35 global stocks. We keep turnover to a minimum by buying quality companies and having a long-term view which leads to lower volatility in our portfolios.