We believe that long-term stock price appreciation is based on long-term earnings growth. SUSTAINABLE EARNINGS GROWTH is generally achieved by dominant market leaders that operate in attractive industries experiencing long-term structural growth.

Our investment philosophy is anchored in deep fundamental research conducted by specialized teams of industry experts where we develop long-term partnerships with management teams as a result of our history of stable ownership. We consider ourselves owners of businesses rather than traders of stock.

We identify major global growth trends and then seek to invest in dominant market leaders that are best poised to benefit from those trends over the long-term.

The companies that we own possess similar quantitative and qualitative attributes, including strong balance sheets, consistent profit and cash flow generation, reduced volatility in down markets, high quality management teams, well-executed strategies and business models and a shareholder-friendly orientation.