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The businesses we own.
We are business owners,
not share traders.
Every company in our portfolios has been chosen for the same reason: we believe its underlying economics can drive long-term returns.
We seek quality franchises in the growth phase of their life cycle. Businesses that can serve customers, generate cash, protect margins, and reinvest intelligently through good conditions and bad. Businesses with the operating resilience to keep compounding when others are struggling.
These are not positions we trade in and out of. They are businesses we've chosen to own for the long term. The same research process and conviction sit behind every holding, whether it's a large-cap Australian bank or a pre-IPO growth company.
The qualities of a business
worth owning.
Not every company meets our criteria. We are deliberately selective. The businesses we own share common characteristics:
Something that protects the business from competition and allows it to earn returns above its cost of capital for extended periods.
The ability to deploy capital at attractive rates, funding growth from operations rather than constant capital raises.
Leaders who allocate capital with discipline, think long term, and act in shareholders' interests.
The capacity to absorb shocks, adapt to change, and continue operating through stress.
High returns on invested capital, strong margins, and predictable cash generation.
When we find businesses that meet these criteria, we own them. And we stay.
