Global equities

Concentrated, high-conviction equity portfolios built for long-term capital growth. We invest in quality businesses with sustainable competitive advantages across developed and emerging markets. Our approach to global equities is rooted in the belief that extraordinary long-term returns are generated not by frequent trading or market timing, but by identifying exceptional companies and holding them with patience and discipline through market cycles.

At the core of our equity philosophy is a fundamental, bottom-up research process that seeks to understand businesses with an owner's mindset. We look for companies with durable economic moats—whether derived from brand strength, network effects, intellectual property, or cost advantages—that can sustain superior returns on capital over decades. Equally important is the quality of management: we seek leaders who think like owners, allocate capital wisely, and demonstrate integrity and transparency in their communications with shareholders. This rigorous qualitative assessment is complemented by deep financial analysis, ensuring we invest only when the gap between a company's intrinsic value and its market price offers a sufficient margin of safety.

Our portfolios are intentionally concentrated, typically holding between twenty and thirty of our highest-conviction ideas. This stands in deliberate contrast to the broad diversification that has become conventional in modern portfolio theory, which we believe often dilutes the impact of one's best insights and leads to index-hugging mediocrity. By concentrating our capital in our most compelling opportunities, we accept short-term volatility in exchange for the potential of superior long-term compounding. This approach requires fortitude and a temperament that embraces market dislocations as opportunities rather than threats—a mindset we cultivate rigorously within our investment team and seek to instill in our clients.

Geographically, our mandate spans both developed and emerging markets, allowing us to cast a wide net in search of the world's best businesses. In developed markets, we often find established industry leaders with predictable cash flows and global reach, while emerging markets offer exposure to structural growth tailwinds, demographic dividends, and rising consumption patterns. Our emerging market investments, however, are subjected to even greater scrutiny given the additional layers of political, regulatory, and currency risk. We invest only where we believe corporate governance standards meet our exacting criteria and where the long-term opportunity set justifies the incremental complexity.

What ultimately distinguishes our global equities offering is the alignment we maintain with our clients. We invest meaningfully alongside them in every equity strategy, ensuring that our financial interests move in precise parallel with theirs. This co-investment commitment eliminates the agency conflicts that pervade much of the asset management industry and fosters a true partnership mentality. When we sit on the same side of the table, sharing in both the upside and the inevitable periods of drawdown, our focus sharpens, our time horizon lengthens, and our dedication to fundamental research intensifies—all to the enduring benefit of the families and institutions who entrust us with their capital.