Public Markets

Listed Equities

We buy enduring businesses at fair prices and hold them long enough for compounding to do the work.

What we do

We invest in listed companies as long-term owners, not traders. Our approach is rooted in intrinsic value and patience. We look for simple, profitable, conservatively financed businesses run by capable, trustworthy managers. We act only when price offers a margin of safety and hold while intrinsic value compounds quietly over time. We trade rarely, think independently, and let discipline guide outcomes.

Investment Criteria

Strong free-cash-flow conversion

Businesses that fund growth and shareholder returns internally, without excessive leverage or dilution.

Durable competitive advantage

Moats from brand, cost position, regulation, or habit that endure through cycles and widen with time.

Aligned and rational leadership

Stewards with integrity, capital discipline, and a clear focus on building long-term intrinsic value per share.

Sensible price and patient horizon

Disciplined entry with a margin of safety, followed by the willingness to hold and let compounding unfold.

Strong free-cash-flow conversion

Businesses that fund growth and shareholder returns internally, without excessive leverage or dilution.

Durable competitive advantage

Moats from brand, cost position, regulation, or habit that endure through cycles and widen with time.

Aligned and rational leadership

Stewards with integrity, capital discipline, and a clear focus on building long-term intrinsic value per share.

Sensible price and patient horizon

Disciplined entry with a margin of safety, followed by the willingness to hold and let compounding unfold.

Sectors of focus

We focus on businesses that are easy to understand, competitively durable, and led by rational stewards—places where recurring cash flow, prudent capital allocation, and pricing power allow value to compound over decades.

Insurance & Financial Compounding

Well-capitalised insurers and financial firms that earn underwriting profits, manage risk conservatively, and use retained capital to build long-term value.

Consumer Franchises & Everyday Brands

Trusted, repeat-purchase brands with pricing power and consistent demand—businesses built on habit, quality, and loyalty rather than constant reinvention.

Essential Infrastructure & Utilities

Regulated or monopoly-like networks that provide critical services with predictable returns on invested capital and opportunities for disciplined reinvestment.

The examples above are illustrative—not exhaustive. We work across a broad range of sectors and consider opportunities wherever we can create enduring value.