IDEAS & PRINCIPLES
Perspectives that endure.
A closer look at the questions behind our investment philosophy.
INVESTMENT PRINCIPLES / 01
Research before conviction.
A compelling idea is a starting point. The work is to define what would make it meaningful, identify the evidence that could support it and remain equally clear about what could weaken it.
Quantitative research encourages explicit assumptions. This makes an investment conversation more precise: which part of a thesis depends on data, which part depends on judgment, and which part remains uncertain?
Questions that guide our thinking
What is the underlying hypothesis? What would challenge it? How sensitive is it to a change in assumptions? What is the practical context for implementation?
PORTFOLIO PERSPECTIVES / 02
The role of diversification.
A portfolio can hold many positions and still rely on a narrow set of assumptions. A broader perspective considers the relationships between exposures, not simply their number.
Our approach asks what each position contributes to the whole, how those contributions may change and where concentrations can emerge.
Beyond a list of holdings
Consider the common drivers behind exposures, the role of liquidity and the possibility that relationships between positions can change. Diversification does not ensure a profit or prevent a loss.
RISK DISCIPLINE / 03
Risk is part of the decision.
The possibility of being wrong belongs in the original investment question. A considered process asks what a thesis depends on, how exposure is sized and what information should lead to a review.
This perspective connects systematic analysis with judgment. It acknowledges uncertainty without allowing uncertainty to become a reason for an unstructured process.
A recurring conversation
What has changed in the evidence? What has changed in the portfolio? What has changed in the conditions for implementation? A useful review distinguishes these questions.
These perspectives describe investment principles. They are not recommendations to buy or sell any asset.