We seek companies with significant growth prospects and structural competitive advantages, typically aiming for a 20% annual return. Our analysis considers:

• Market Size and Trajectory: We prioritize expansive or rapidly growing markets.

• Product-Market Alignment: We evaluate how well a company's offerings meet customer needs.

• Adoption Ease: We consider how quickly and easily customers can benefit from the product or service.

• Innovation Capacity: We assess a company's ability to expand its total addressable market.

We utilise various frameworks to analyse a company's sustainable advantages. Some of the key factors we seek are the following:

• High barriers to entry

• High and consistent returns on capital

• Structural pricing power and growth

• Defensive businesses which are less sensitive to economic downturns

• Potential to transform

• Strong brands

• Catalysts for value recognition

• Exposure to fast-growing market segments

We place significant emphasis on leadership quality and corporate culture, viewing these as critical factors for long-term success. We assess management's history of treating shareholders as partners.

We seek constructive engagement with management to realise potential and create value.

We wish to invest in businesses with great reinvestment opportunities.