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.
Quality companies, in our view, are well capitalized, profitable, and generate better-than-average returns on capital. We think owning a Portfolio of such businesses allows us to ride out the occasional storm.
All-season durable growth companies, in our experience, are led by management teams that focus on long-term value creation—they operate with a business owner’s mindset.
We want to own businesses that self-fund and have the flexibility to make thoughtful long-term investments that could make the enterprise stronger.
We focus solely on profitable companies that we believe have durable competitive advantages, self-funding business models, positive cash flow, attractive balance sheets, and favorable liquidity positions.
We prefer to have an allocation to “safety” businesses that we believe will be significantly less impacted during periods of economic stress. These companies often provide ballast during market drawdowns.