We are long-term value Assets and Fund Management with a strong believe that short-term factors prompt many market participants to overreact to news which may have little or no impact on the true value of a company. This causes share prices to diverge from the intrinsic value of the underlying business and provides an opportunity for long-term investors to purchase shares at an attractive discount. This builds in a margin of safety but also provides meaningful long-term total return potential through both dividend income and capital appreciation.
Having a long-established investing partnerships with more than seventy years of experience. During this time, we have encountered a variety of financial cycles, which helps our experts to remain committed to their discipline during periods when value investing falls out of favour. All of these strategies follow the same approach, which aims to position portfolios to whichever parts of the market look most undervalued, based on experts judgements about long-term intrinsic value.
We value businesses by estimating their long run earnings potential. This helps us avoid companies which appear cheap but are, in reality, at the top of a cycle or in structural decline. Conversely, we are attracted to businesses suffering a temporary dislocation but where we believe earnings, and therefore the share price, are likely to recover in the future. For this value to be realised the opportunities must also have strong balance sheets and capable management.
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