An investment philosophy is a set of core beliefs about how the markets work. Our core investment philosophy can be described as “Macrovalue”, which combines a traditional value approach to allocating capital with macroeconomic or industry thematic analysis. This approach allows us to identify companies that are not only undervalued relative to their estimated intrinsic value but also stand to benefit from an expected favourable shift in macroeconomic or industry fundamentals.
This investment approach is holistic in nature and therefore we do not define ourselves as either top-down or bottom-up but appreciate the importance of both micro or company-specific fundamentals as well as the broader macroeconomic or industry trend. We believe an awareness of the macro environment – combined with a thorough knowledge of the micro aspects of any company – is essential.