Investment Process

Our Process
Stage 1
Macro Analysis
  • Analysis of economic conditions. Analysis of equity market valuations and sentiment
Stage 2
Thematic Analysis
  • Analysis of industry trends. Supply and demand analysis
  • Effect of a new technological breakthrough
  • Effect of structural change in industry cost curve or revenue expectations
Stage 3
Security Selection
  • Identify which instrument gives best exposure to the theme – equity or commodity
  • If an equity then which stock/group of stocks has best return potential
  • What is the downside risk, what can go wrong?
Stage 4
Portfolio Construction
  • Review position liquidity
  • Overlap with existing positions. Does it add/subtract to fund’s risk profile
Our Principals
  • Primary and original research effort
  • Disciplined and systematic
  • Value driven
  • Concentrated
  • High conviction
  • Index agnostic
  • All investment decisions – buy, sell or hold are fact based
  • 400 – 500 company meetings annually with key senior management
  • High level of surveillance
  • Long bias with active portfolio risk management via shorting