Embracing a philosophy akin to business ownership, our investment approach meticulously examines the economic underpinnings of enterprises and the caliber of their leadership. This rigorous analysis forms the bedrock of our strategy, allowing us to identify companies with robust fundamentals and promising long-term growth prospects. Our commitment to this value-driven methodology ensures that every investment is a deliberate and informed decision, aimed at fostering sustained capital appreciation rather than speculative gains.
\nOur investment horizon is decidedly long-term, with typical holding periods for our portfolio companies ranging from three to five years. This extended timeframe enables us to weather short-term market fluctuations and benefit from the compounding effects of growth. Consequently, our portfolio turnover is maintained at a conservative average of 20-40% annually, reflecting our conviction in the enduring value of our chosen investments. A recent significant move included establishing a 3.0% stake in Ryanair Holdings in December 2024, signaling our confidence in its future performance. Conversely, we strategically exited our remaining 1.8% position in Smith & Nephew in April, reallocating capital to opportunities aligned with our evolving outlook.
\nThe pursuit of financial prosperity through astute investment demands both meticulous diligence and unwavering patience. By adopting a 'business owner' mindset, we delve beyond superficial market trends, seeking intrinsic value and sustainable competitive advantages. This disciplined approach not only aims to generate superior returns but also instills a sense of responsibility and stewardship, ensuring that investment decisions contribute positively to economic growth and innovation. Through thoughtful analysis and strategic long-term commitment, investors can navigate the complexities of the global market, fostering a future of shared success and sustained value creation.