The strategy taps into our small-cap investing expertise by seeking to capture attractive companies earlier in their lifecycle and allowing us to hold ‘winners’ for longer.
We are extremely pleased with the underlying business performance of our Portfolio companies in 2020, and we feel increasingly positive about their 2021 outlook.
Our mindset differs from investors who try to capitalize on shorter-term price arbitrage–we seek companies that offer infinite opportunities through long-term compounding.
We believe that our investment approach is well-positioned to take advantage of the less efficient and relatively underfollowed market for small-cap companies outside the U.S.
We let our business-focused research guide our investment decisions, armed with our belief that business performance drives share prices over the long-term.
Our conviction in the competitive advantages, sustainability, and durability of our businesses remains high, and we believe the Portfolio is well-positioned for the future.
We believe our commitment to investing through a disciplined and time-tested approach should continue to deliver compelling results today and after the crisis eventually abates.
Rather than concerning ourselves with market timing, we’re happy to add to our position and keep our eyes on the horizon.
We invest in companies that we think will benefit from long-term trends and have durable business models regardless of whether we are in a “risk-on” or “risk-off” market.
We believe having conviction in the quality of our businesses and a focus on the long-term is paramount to navigating periods of heightened volatility.