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
£952.2m
NAV
32%
Strategic asset allocation
30-40%
As at 31 March 2026.
Performance data
(combined portfolio)
Annualised Return as at 31 March 2026
1.2%
Over 1 year
5.9%
Over 3 years
6.3%
Over 5 years
9.1%
Over 10 years
Geographic
distribution1
As at 31 March 2026
- North America 65%
- UK & Channel Islands 29%
- Asia 3%
- Europe 3%
1. Headquartered.
Sector
distribution
As at 31 March 2026
- Industrials 24%
- Information technology 18%
- Consumer staples 13%
- Materials 11%
- Financials 10%
- Consumer discretionary 6%
- Healthcare 4%
- Utilities 4%
- Communication services 3%
- Real estate 2%
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 31 March 2026
1.5%
Over 1 year
6.2%
Over 3 years
6.8%
Over 5 years
11.2%
Over 10 years
Significant portfolio investments
Philip Morris
First Invested 2016
Value£66.1m
Microsoft
First Invested 2014
Value£65.8m
Texas Instruments
First Invested 2018
Value£55.7m
Watsco
First Invested 2017
Value£48.2m
Hill & Smith
First Invested 2011
Value£46.4m
Charles Schwab
First Invested 2025
Value£43.5m
Moody’s Corporation
First Invested 2022
Value£43.0m
Thermo Fisher Scientific
First Invested 2015
Value£41.7m
Oracle
First Invested 2014
Value£41.6m
Spirax Sarco
First Invested 2011
Value£34.3m
Value£205.6m
Value£691.9m
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 31 March 2026
0.4%
Over 1 year
5.0%
Over 3 years
5.1%
Over 5 years
4.7%
Over 10 years
Significant portfolio investments
Philip Morris
First Invested 2021
Value£22.0m
National Grid
First Invested 2015
Value£21.0m
Texas Instruments
First Invested 2020
Value£20.5m
Fortis
First Invested 2020
Value£17.3m
Fastenal
First Invested 2020
Value£16.2m
Watsco
First Invested 2020
Value£16.1m
Unilever
First Invested 2019
Value£15.3m
British American Tobacco
First Invested 2015
Value£15.2m
RELX
First Invested 2023
Value£14.8m
SGS
First Invested 2020
Value£14.8m
Value£87.1m
Value£260.3m
Investments in focus
