We do not have a minimum amount per se. However, we are high conviction managers and therefore generally have fewer holdings when compared to our peers
Are managers required to expose their own personal capital to the fund?
It is not a requirement that Managers expose their personal capital to the funds. However, all Managers believe in our investment philosophy and willingly invest their own money into the Funds
Could you please provide clarity around your method to understand the extent of the opportunity, rather than to rely on the instrinsic value?
The method that we use is a lot more simple. We look at a fairly projectable number, namely earnings per share (EPS)
To what extent are Rob’s skills transferred onto the wider team?
The process by which team members are chosen is extremely stringent, to make sure that only top quality candidates are selected
Do you employ a strategic or tactical asset allocation approach to your research?
Both. We have defined strategic asset allocation buckets for each of our funds – the strategic allocations vary by level of conviction
How many investments do you think an analyst should cover at any point in time?
Our investment philosophy is completely benchmark agnostic and, therefore, there is no need to cover all stocks in detail simply because they are part of some index