Research Process

Our investment process is research-intensive.

Path to Conviction

We have a disciplined and evolutionary approach to due diligence on investments.  We continually make adjustments to the process where necessary so that we can adapt and improve our investment outcomes. 

Our investment process is research-intensive.  Ideas are generated from numerous sources, including fundamental screens, thematic profiling, and macro views.  We conduct extensive due diligence on shortlisted companies in a phased process that builds out the thesis for investment. 

Financial accounts are scrutinized along with the fundamental drivers and characteristics of the company.  We conduct an assessment of the ability for the company to defend its competitive advantage and continue or expand its fundamentals over the long term. 

We then derive an intrinsic value for the business.  Attractive companies with a sufficient “margin of safety” will be brought to the attention of the entire investment team and debated for inclusion in the portfolio.  Furthermore, we regularly review our portfolio and revisit past ideas to ensure that the investment theses remain intact. 

This process allows us to build strong conviction on all the securities in our portfolio. 

Idea Generation to Conclusion Process

Idea Generation

Constant idea generation from:

  • Company conference calls
  • Cumulative experience
  • Operational profiling
  • Due diligence process
  • Reading voraciously
  • Thematic trends

Over +100 ideas in our pipeline
~72 ideas enter Phase 1 per year

Phase 1 - Thesis Development

1 - 3 Days

Thesis Development:

  • What is causing a mispricing?
  • What are the catalysts?
  • What is our edge?
  • What are the next steps?
  • Key data to track?
  • Reasons to cut research?


  • “Reason to Research”

~50% of Phase 1 ideas enter Phase 2

Phase 2 - Due Diligence

Circa 2 Weeks

Due Diligence

  • Speak to the company
  • Speak to competitors, customers, and suppliers
  • Perform primary research and gather data
  • Speak to industry experts


  • Build a financial model
  • Complete data analysis
  • Quantify view
  • Able to verbally communicate thesis

~60% of Phase 2 ideas enter Phase 3 research

Phase 3 - Conclusion

3 - 5 Days


  • “Point of no return”: The analyst is committed to making the idea enter the portfolio
  • Investment team challenges the analyst on the thesis, due diligence, and merits of the idea


  • Final write-up and team discussion

~70% of Phase 3 ideas enter the portfolio