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Our Investment Philosophy

We Invest In Cyclicality

Industries, countries and categories of stocks subject to pricing dislocations are often an attractive source of market inefficiency. We complement a bottom-up focus on risk vs reward with a macro framework for idea generation. 


The natural cyclicality of some industries can cause excessive fluctuations in share prices, especially in the small- and mid-cap universe. We see this volatility as an opportunity for long-term capital allocation, rather than a risk: fundamentally sound companies become oversold due to a mix of market forces, creating compelling buying opportunities. Equally, fundamentally inferior businesses become overbought thanks to short term favourable conditions, creating room for opportunistic short selling.

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