Research Philosophy
The Six Pillars of Our Research Excellence
Quality First
High ROCE, strong moats, pricing power.
We favor businesses consistently generating ROCE above 15%.
Conviction Over Convention
Independent thinking, contrarian when justified.
True conviction stems from deep fundamental work.
Buy the Fog
Opportunity emerges in uncertainty.
We distinguish between temporary fog and permanent impairment.
Simplicity Wins
Transparent models, understandable businesses.
We favor straightforward economics and clear financial models.
Skin in the Game
We invest our own capital alongside clients.
We succeed only when you succeed.
Long-Term Thinking
Decades, not quarters.
Our investment horizon is measured in years, providing a structural advantage.
Our Proprietary Research Framework
A Disciplined Path from Idea to Action
02
Business Quality Assessment
Evaluate competitive positioning, industry structure, management quality, and economic moat sustainability. Only businesses with durable advantages proceed.
04
Financial Modeling & Valuation
Build detailed DCF and multiples-based models with conservative assumptions. Require significant margin of safety before recommendation.
01
Universe Screening
Filter 5,000+ listed companies down to 200–300 meeting minimum quality thresholds (e.g., ROCE > 15%, low debt).
03
Governance Deep Dive
Proprietary scorecard covering board independence, capital allocation track record, transparency, and management integrity.
05
Portfolio Integration & Monitoring
Assess position sizing, risk contribution, and exit discipline. Continuous monitoring with quarterly reviews and immediate updates on material changes.