Every position has to earn its place.

We hold every business we evaluate, and every existing position, to the same standard. It’s a continuous, repeatable pipeline that tests each one against the same criteria, before it enters the portfolio and for as long as it stays there.

Process

Research that never stands still.

We’ve developed a continuous research pipeline of high-quality businesses and advance only those that meet our standards. Each step is designed to reduce noise, sharpen conviction, and keep risk in view across market cycles.

1. Survey

We continuously monitor a global universe of high-quality businesses with strong returns on capital, resilience, pricing power, and conservative leverage.

2. Filter

We test candidates against our durability criteria, focusing on competitive strength, management quality, and conservative capitalization.

3. Compare

We evaluate finalists against current holdings for quality, risk, valuation, and diversification before introducing a new position.

4. Reassess

We constantly review holdings for evolving risks, competitive shifts, and durability, ensuring the portfolio stays aligned with the strategy.

Portfolio Characteristics

A portfolio of dominant toll-takers.

We look for businesses that act like toll roads: dominant enough in what they do that customers have no real alternative, and few substitutes exist. Our process doesn’t just filter for quality, it filters for durability across industries and geographies. The result is a concentrated portfolio built from category leaders: businesses with pricing power, strong returns on capital, and staying power that we believe holds up across market cycles. The names change as our conviction does, but the standard doesn’t.