Our approach to investing

We believe there are some things that make our approach to investing different and quite special. And we’re proud to harness our public investment company structure to bring real benefits to our shareholders

Seeking out non-mainstream investments

To generate long-term returns for our shareholders, we focus on usual investments, including specialist funds and unlisted investments, that would not normally be available to individual investors. See the full portfolio breakdown here.

Multi-strategy approach

Our portfolio brings together funds that taking very different approaches to generating growth – so shareholders have access to a variety of growth potential throughout the market cycle.

A concentrated, high conviction portfolio

We only hold around 50 investments at any one time – so we don’t dilute the impact of any single investment. And a focused portfolio means we can concentrate on best-in-class opportunities that we really believe in.

Focus on long-term potential, not short-term volatility

Our focus is on making money over the long term, so we worry less about short-term market ups and downs. We don’t regard short-term volatility as a risk for long-term shareholders, which gives us more freedom than other fund managers.

A patient focus on quality

Our long-term approach extends to our investment selection. We aim to identify well-managed companies and funds with good growth prospects and offering high returns on capital. But we fully accept that their underlying strategies may take time to come to fruition.

Invest to deliver long-term dividend growth

We regard dividends as a vital element of delivering value to our shareholders. Although dividends may vary and are never guaranteed, our goal is to pay out dividends that grow over time.

Manage discount risks by encouraging demand

Like all listed investment companies, our shares can fall below the value of our investment portfolio. Rather than responding with solutions like share buybacks, we look to drive demand for our shares by working to deliver above-average returns for investors over the long term.