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Investment Philosophy

A Focus on Inefficient Markets

We feel that hard work and skill do lead to superior investment results. However in efficient markets, competition is stronger where a large number of market participants share a similar amount of information and act in a fairly rational manner to incorporate that information into asset prices.

We believe less efficient markets exist, in which the same application of hard work and skill should lead to a higher pay off, and it is in such markets we focus our investments.

Fundamentals Driven

We believe that in the long term there is a high correlation between the success of a business and its share price performance and as such, short term volatility presents us with opportunities, particularly when prices differ from business fundamentals.

Rather than trade in and out of positions, we tend to have low portfolio turnover, and look for investments where the underlying business has strong compounding dynamics.

We aim to operate in a counter cyclical/contrarian manner when making investments. We believe this approach both increases returns and resiliency.

Whilst we aim to invest in great business, we believe valuation/entry point is of utmost importance. Even the greatest business can be a poor investment if made at a wrong price.

Take a Holistic Approach

We work hard to map out stakeholder structures across companies and countries, to gain an in-depth understanding of the incentives
driving management behaviour and on a macro level, policy makers.

We spend a lot of time meeting competitors, suppliers, customers (the eco-system), in order to perform in depth analysis.

We leverage on our network and local partners to complement our own work, so as to gain a better understanding of the developing
dynamics in each of the countries we invest in.

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