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Our strategy is guided by a fundamental approach, focusing on capital preservation and consistent asset appreciation over time. We invest in high-quality global companies with durable competitive advantages and management teams aligned with minority investors, always maintaining a disciplined, long-term perspective
Philosophy
Our strategy involves building a portfolio of 10–15 global companies, headquartered in the US and Europe, that we believe are undervalued and possess durable competitive advantages.
We employ rigorous selection criteria, focusing exclusively on profitable, well-managed businesses with high potential for long-term value creation.
Guided by a fundamental analysis philosophy, we seek companies that are consistent, resilient across market cycles, and demonstrate conduct aligned with the interests of minority shareholders.
Process
We believe that management excellence stems from clarity and an absolute focus on what truly drives value: the in-depth study of the companies in our portfolio. We operate with a lean, highly qualified team, fostering intellectual agility, direct accountability, and analytical depth in every decision. Over more than two decades of activity, we have built an extensive track record of company analysis, maintaining a coverage universe that combines continuous monitoring with the organic discovery of new opportunities. Our thesis-building methodology involves actively challenging the investment thesis—including, but not limited to, identifying structural risks, questioning governance practices, or highlighting operational weaknesses.
This is our non-negotiable element. The company’s key shareholders and executives will be our partners; we need to ensure they are aligned with our goal of generating long-term returns through prudent and disciplined execution
We seek companies with solid competitive advantages and ample resources to defend them. We have no preference regarding sector or business model
We value companies that prioritize creating value for minority shareholders through a long-term capital allocation policy
The final step in analyzing a company is estimating the investment's margin of safety. Even when investing in excellent companies, we believe that above-average returns come from the discipline of buying them at prices discounted relative to their intrinsic value. We are conservative and patient
We believe that aligned executives and stakeholders are fundamental to long-term value creation.
We seek companies with well-defined incentive structures that foster efficient capital allocation decisions and align with the interests of all shareholders.
Our approach to governance analysis is in-depth and rigorous, reflecting our commitment to being long-term partners to the companies in which we invest.
We invest in profitable, sustainable, and constantly evolving businesses that possess characteristics indicating durable competitive advantages.
These advantages may manifest through barriers to entry, scale, pricing power, or recurring revenue, among other factors that sustain growth over time.
We believe that substantial returns are built by combining strong businesses with disciplined capital allocation.
We analyze companies’ track records regarding capital allocation decisions, focusing on share buybacks, reinvestments, and acquisitions that are rational and create shareholder value.
Our perception of quality and the share price relative to estimated value determine how closely we monitor a company and our willingness to buy its shares should an opportunity arise.
We seek to invest with a margin of safety, acquiring stakes in companies at prices we consider attractive relative to their intrinsic value.
Companies that advance to the final stage of our investment process are added to the portfolio with a weighting that reflects our level of conviction in their strategy and execution capabilities, as well as their margin of safety.
Every investment decision is recorded and documented, ensuring process consistency and continuous learning over time.
