Agility matters in a crisis because periods of disruption, by their definition, force change.
Our research takes us to where we think we have the best combination of financial superiority, competitive strength, growth opportunity and valuation.
We concentrate the Portfolio in the quality growth businesses where we believe the fundamentals best support value.
Consistency is an antidote to uncertainty, and we will continue to seek to optimize the Portfolio for both superior growth and resilience.
We seek to invest in exceptional small- and mid-sized companies that are uniquely positioned and have repeatable growth, robust business models, and exceptional management teams who consistently invest to drive sustainable growth.
We believe the opportunity for businesses that can provide consumer-relevant products and services in emerging markets is enormous and should persist for years, if not decades.
By owning approximately 30 of what we believe are the best companies in our category, we feel our strategy is well positioned to protect capital and to participate when the market rebounds.
We will continue to seize opportunities where short-term noise allows us to identify and purchase what we think are great businesses with bright futures.
We believe aligning with the most competitively advantaged businesses for the long term, through crises, is the best way to not only generate positive returns but also to preserve capital during tough times.
We continue to have conviction in the strength and durability of the businesses we own and believe that most, if not all of them, will emerge from this period stronger.