What are you looking for?
Through our high conviction and focused approach, we seek to invest in high quality companies for the long-term. We are one investment team across two portfolios to which we apply the same research methodology, operational discipline and investing lens.
A differentiated approach to public equity investing; the benefits of permanent capital in public markets:
True ability to be long term
Fully focused on investing
Allows for concentrated portfolios: 15-20 companies
Quality companies are our targets
Deep understanding of portfolio companies
Ability to invest in moments of market dislocation
Portfolio value
£1,067.6m
NAV
35%
Strategic asset allocation
30-40%
Performance data
(combined portfolio)
Annualised Return as at 30 September 2025
7.5%
Over 1 year
12.6%
Over 3 years
9.5%
Over 5 years
10.6%
Over 10 years
Geographic
distribution1
As at 30 September 2025
- North America 67%
- UK & Channel Islands 26%
- Asia 4%
- Europe 3%
1. Headquartered.
Sector
distribution
As at 30 September 2025
- Information technology 27%
- Industrials 20%
- Consumer staples 13%
- Materials 12%
- Financials 11%
- Consumer discretionary 7%
- Healthcare 6%
- Utilities 4%
Capital portfolio
Unconstrained investments in well-managed companies, held for the long term. We look to select, publicly quoted businesses with a number of quality characteristics including pricing power, strong returns on capital and a long reinvestment and growth runway. Our objective is to deliver a 10% annual return.
Performance data
Annualised Return as at 30 September 2025
9.3%
Over 1 year
14.3%
Over 3 years
10.7%
Over 5 years
12.9%
Over 10 years
Significant portfolio investments
Microsoft
First Invested 2014
Value£97.5m
Oracle
First Invested 2014
Value£89.0m
Philip Morris
First Invested 2016
Value£63.5m
Texas Instruments
First Invested 2018
Value£51.7m
Watsco
First Invested 2017
Value£50.2m
Hill & Smith
First Invested 2011
Value£44.9m
Charles Schwab
First Invested 2025
Value£43.3m
Moody’s Corporation
First Invested 2022
Value£42.0m
Thermo Fisher Scientific
First Invested 2015
Value£40.2m
Pool Corp
First Invested 2024
Value£37.1m
Value£239.8m
Value£799.2m
Income portfolio
The income portfolio selectively invests in cash generative and resilient business models that have the capacity and management culture to pay sustainable and growing dividends over the long term. Our objective is to deliver a 7% annual return, with an initial yield of 3.5% based on the cost of investment.
Performance data
Annualised Return as at 30 September 2025
2.6%
Over 1 year
8.0%
Over 3 years
6.7%
Over 5 years
5.6%
Over 10 years
Significant portfolio investments
Philip Morris
First Invested 2021
Value£24.7m
National Grid
First Invested 2015
Value£22.1m
Texas Instruments
First Invested 2020
Value£19.0m
RELX
First Invested 2023
Value£18.3m
Unilever
First Invested 2019
Value£18.0m
Fortis
First Invested 2020
Value£17.1m
SGS
First Invested 2020
Value£16.8m
Fastenal
First Invested 2020
Value£16.8m
Watsco
First Invested 2020
Value£15.7m
Sage Group
First Invested 2024
Value£15.1m
Value£84.8m
Value£268.4m
Investments in focus
