Trading time for value. A longer time horizon allows us to exploit short term volatility and poor price discovery.

Focus on targeted return. We seek investments which we believe have the ability to generate a double-digit return over three years.

Investment Process

3 Ways To Achieve a Double-Digit Return Over 3 Years

Undervalued Dividend Yield

  • Seek ~10%+ dividend yield
  • Balance sheet not being liquidated to pay the dividend
  • Stable industry dynamics

Undervalued Asset

  • Cyclical industries at trough valuations with identifiable industry inflections
  • Corporate asset and/or balance sheet restructurings
  • End markets are stable to improving across cycles, not in secular decline

Undervalued Earnings Growth

  • Focus on ROIC and the opportunity to continue investing at high rates of return 
  • Strong capital allocation track record