Our Approach

Committed to Uncovering Global Value

Philosophy
The essence of our philosophy is that global markets are not always efficient - it is possible to buy companies for less than their intrinsic worth. We believe that by investing in high-quality, undervalued companies, we can create value for our clients.

Process
We select equity securities for purchase by conducting rigorous, independent, bottom-up fundamental analysis. Key elements of the process include fundamental valuation metrics, qualitative factors such as supply and demand, and independent thought.

Platform
We are structured as global equity sector specialists who research sectors comprehensively and search worldwide for economic comparative advantages.

Featured Commentary

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CIO David Iben discusses the battle for scarce and valuable resources.

American Pie

Do you think the economic pie can grow meaningfully? David Iben shares thoughts.

Emerging Markets

With recent attention on emerging markets, there are reasons to look past headlines to understand company fundamentals.

Global Natural Resources

The growth of supply of many natural resources is in a secular decline, and the global population is growing larger, richer and more urbanized.

Gold Companies and Value Investing

For bottom-up investors, portfolio holdings may be seen as thematic, but they are often the organic result of what are believed to be good businesses at attractive valuations.