Bestinvest says
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The fund's objective is to provide investors with an attractive real long-term total return by investing globally in undervalued securities. The portfolio is managed without reference to the composition of any stock market index. The group's investment philosophy is to buy stocks they have identified as clearly undervalued - they believe undervaluation arises because the market's time horizon is too short. They believe stock prices are ultimately
driven by future profits and for every potential holding they forecast profits, cash flow and
balance sheet over the next five years. They then use their own valuation basis to estimate what the price should be, only buying stocks where this intrinsic price is well above the current share price. The investment process is team based with the managers taking responsibility for sectors globally.