Turning market short‑termism into long‑term advantage
Our Fundamental Value capability, delivered by the award-winning Setanta team, is built on a simple belief: equity investing should be about owning real businesses for decades, not renting stocks for quarters.
In a world where markets are structurally short term and capital is increasingly concentrated in a narrow set of favoured names, this creates a persistent – and growing – inefficiency.
We seek to turn that inefficiency into long‑term advantage for our clients through conviction‑driven, fundamental value investing. For more than 30 years, our dedicated team has applied the same long‑term value philosophy across global equity and multi‑asset portfolios.
We focus relentlessly on proven durable businesses: companies with strong cash generation, sticky customer relationships and durable competitive advantages, run by management teams that allocate capital prudently and with a clear focus on shareholder value.
Crucially, we only invest when quality and value converge, buying these businesses at a discount to our assessment of their intrinsic value and with a margin of safety.
Our beliefs - built over 25 years
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Value is more than a number
Markets systematically misprice long-duration cashflows. Equity investing should be about owning real businesses for decades, not renting stocks for quarters.
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Protecting the downside is as key as capturing the upside
Compounding is protected by avoiding permanent capital loss. Our strategies have consistently demonstrated lower downside capture in major market selloffs, while still participating strongly in recoveries.
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Quality and valuation must co-exist
Patience and discipline go hand in hand. We seek 'proven durable businesses' with strong cash generation, sticky customer relationships and durable competitive advantages, bought with a margin of safety.
How we invest
Universe definition
We start with quality, not price. Our universe is built from proven, durable businesses with strong cash generation, sticky customer relationships and durable competitive advantages — long before we ask what they’re worth.
Fundamental research
We go well beyond the numbers. Bottom-up research evaluates 20–30+ years of cashflow generation, alongside capital allocation, governance, balance sheet strength and the quality of leadership.
Valuation discipline
Quality alone isn’t enough. We buy with a margin of safety, because even the best businesses can be poor investments if the entry price is too high. Here, discipline is non-negotiable.
Portfolio construction
Conviction shows up in position size. Our portfolios are concentrated, with high active share, built within a clear sector framework — position and cash limits maintain risk discipline, with no speculative models.
