Our fundamental belief is that companies should exhibit a track record of earnings and preferably dividend growth to be considered an investment proposition.

We also believe that individual companies, market sectors and markets generally trade in well-defined valuation ranges.  This provides useful entry and exit points, as well as enabling us to assess and manage risk.

Finally, we are acutely aware that all stocks suffer from significant mispricings from time to time, irrespective of the long-term investment proposition. These events offer valuable trading opportunities that can enhance portfolio performance.