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The fund's objective is to achieve capital growth by investing in a portfolio of North American securities. 90% of research is carried out in-house, with external research used primarily as a source of ideas. The investment process begins with a filter on quality: the team look for businesses with profitable growth prospects, the balance sheet to support expansion and that are run in the interests of all shareholders. Quality of management is also important - the team will not invest until they have met the management.
Companies that have passed the quality filter are then filtered based on price. The team look at valuations based on standard financial ratios, compared to market price and compared to the valuations of similar companies.
Portfolio turnover is generally low - the team will top-slice when valuations become stretched, and will sell on changes of personnel, business direction or in the competitive landscape.