We invest in high quality businesses where long-term ownership will be rewarded.

The companies in our portfolio typically have similar characteristics, including:

• Strong market position
• Underlying growth and pricing power
• Profitable with good and sustainable returns on capital

We have one investment team across two strategies, with the same research methodology and operational discipline. Ben Archer and Alan Murran are Co-Heads of the pool with Ben having responsibility for the Income portfolio and Alan having responsibility for the Capital portfolio.

Capital portfolio: 10% p.a. total return target

Unconstrained investments in well-managed, publicly quoted companies, held for the long-term. We select mature, enduring businesses that have a significant presence in their market, and where assets consistently produce strong returns on capital, enabling reinvestment and growth.

Income portfolio: 7% p.a. total return target

The income portfolio is constructed using similar quality criteria as the Capital portfolio: we invest selectively in mature long-term businesses with resilient business models and the capacity and management culture to pay sustainable dividends. Our objective is to deliver a 7% annual return, with an initial yield of 3.5% based on the cost of investment.