Investment Process

Idea Generation

Macroeconomic Outlook
Economic Trends
Supply/Demand Balances
Macro/Micro Assessment
Cyclical Assessment
Structural Assessment
Conferences/Company Meetings/Industry Meetings and Contact
Investors/ Former Industry Associates
Third Party Research
Financial Press

Assessment

Fundamental Financial Analysis –
Valuation, Balance Sheet Strength, Sustainability of Returns, History of Returns and Change of Company Activities
Geo-Political Analysis – Institutional Stability, Tax Regime, Economic Strength, Infrastructure
Competitive Position and Sustainability
Growth Prospects and New Projects
Management Capability, Trustworthiness and Corporate Governance
Transparency –Accounts, Projects
Risk Analysis – Company, Industry, Country
Availability of Free Options
Gearing to Interested Investment Driver(s)
‘Market’/Consensus View of Company/Industry
Current Position in the Investment/Industry Cycle

Decision Process

Valuation in Relation to Risk and Reward
Portfolio Size/Concentration
Investment Horizon
Timing – Market, Sector
Liquidity – Size, Exit, Volatility
Team/Outside Directors Final Decision

Execution

Dedicated Traders
Specialist Execution Capability