Our US strategy seeks to generate superior long-term investment returns and minimize the risk of permanent capital loss by investing primarily in a concentrated number of global companies that meet our Business, People, Price investment criteria.
We invest with a three-to-five-year investment horizon and take advantage of short-term volatility to own high quality businesses, run by capable management teams, whose stock prices we believe are trading temporarily at a discount. Our extensive, global network allows us to engage with our management partners to help drive long-term value creation.
The Portfolio's objective is long-term capital growth. Current income is not an objective.
We may invest up to 30% of the portfolio in non-US investments that typically have a significant portion of their values in the US.
We generally invest in companies with market capitalizations over $5 billion.
Portfolio construction is benchmark-agnostic, and sector and industry weightings are a by-product of bottom-up investment decisions.
If we cannot find qualifying investment opportunities, we will hold cash.
Portfolios normally contain 15-25 securities.
If size begins to inhibit our ability to manage US mandates, we will close to new investors. We also would close if we could not find qualifying investments and cash levels were building, as was the case from 2004-2007 and 2017-2018.
