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Absolute Return Portfolio

Absolute Return Portfolio

(IMA only)

We place a great deal of importance on assessing downside risk. We attempt to know as much about our portfolio of companies as we can and believe that this will enable us to prevent permanent loss of capital. Risk comes from not properly understanding your investments.


We aim to produce superior long-term compound growth over time by seeking out and investing in what we believe to be some of the best businesses in the world. Great businesses purchased with a sufficient ‘margin of safety’ will provide superior long-term returns.

We aim to invest in a relatively small number of high-quality companies, so as not to dilute our overall returns but hold enough positions in order to provide an appropriate level of diversification. Concentrating capital in high quality businesses builds wealth.


We aim to hold cash when we feel that no ‘margin of safety’ exists. We demonstrated this in 2008 by holding the majority of our capital in cash. By doing this we were able to protect our clients’ capital during one of the worst market collapses since the Great Depression.


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