Focused on fundamental research and returns over full market cycles
We would rather find good performance that lasts, than great performance that doesn't. We believe managers have more opportunities to differentiate investment performance when securities are held for long time periods.
We think there is more to gain by holding stocks that are less volatile relative to a benchmark for longer periods. Strong fundamentals don't change as often as stock prices. So it's worth a little patience to let the markets reward companies with lasting competitive strengths. And we think quality creates more value over time.