01
Investment Universe
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Global and international universe of high-quality companies
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Disciplined, ongoing tracking of industry leaders
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Bottom-up fundamental research, informed by the macroeconomic landscape
02
Quality Analysis
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Sustainable, enduring competitive advantages
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Strong balance sheets and significant free cash flow
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Management aligned with shareholder interests
03
Valuation discipline
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Purchased with a built-in margin of safety
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Long-term investment horizon
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Patience to seize compelling entry points
04
Concentrated Portfolio
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Concentrated, high-conviction portfolio
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Disciplined, ongoing review of investment theses
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An approach strictly tailored to each client’s complete financial picture
RISK
How we define risk
Risk is not
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Daily price volatility
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Short-term underperformance relative to a benchmark
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The quarterly earnings noise
Risk is
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A permanent loss in a company’s earning power
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Paying a price that leaves no margin of safety
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A company unable to weather an adverse macroeconomic shock
RISK MANAGEMENT
How we seek to limit the risk of permanent loss
01
Strong balance sheet
Low debt, sufficient liquidity to absorb shocks.
02
Experienced leadership
Leadership aligned with shareholders, disciplined capital allocation.
03
Resilient business model
Sustainable competitive advantages and pricing power.
04
Attractive valuation
Buying at a price that provides a margin of safety.
OUR STRATEGIES
Two distinct strategies
Global Portfolio
Mirrors the personal portfolio of Lead Portfolio Manager François Campeau. Benchmark: MSCI ACWI (All Country World Index).
International Portfolio
Ex-U.S. Benchmark: MSCI EAFE (Europe, Australasia and Far East).
