Preservation and enhancement of capital in inflation-adjusted terms

• We focus on selecting the most talented managers that can make money in many different market environments

• We are not attempting to predict the future direction of the markets

• The growth of your capital is important to us, but is secondary to avoiding losses

• We select investment ideas (i.e. funds/managers) that generally display four characteristics:
  
  • Are not benchmark-oriented
  • Have a clear focus on manager skills
    
  • Offer a sustainable strategic advantage
    
  • Exhibit a disciplined risk management approach

• Four reasons, why we would eliminate an investment idea:
  
  • Generates consistently inferior results compared to its peers
  • Exhibits an unsustainable edge and therefore fading yields
  • Focuses primarily on asset gathering rather than performance
    
  • Superior alternatives have become available due to change in the macro-environment