Core Beliefs

We believe that Culture and Strategy alignment creates exceptional long-term results. We do deep fundamental research, adding cultural assessment to the traditional fundamental analysis, to find Enduring Compounders. Patience is not inaction: as long as the thesis holds, we prefer to do nothing, letting the compounding work.


Proprietary differentiated cultural assessment framework, which captures ESG, allows us to invest in Enduring Compounders that the market chronically undervalues.


Enduring Compounders outperform the market over the long-term delivering superior absolute and relative risk-adjusted returns.


Long-term compounding – return to the power of time - is one of the most powerful, yet underutilized investment concepts. While the math is powerful, the execution is difficult, which creates an opportunity.


Irrespective of the market environment, the source of our confidence is quality of the business and management and the source of patience is durable earnings power.

Long-term investing

We are genuine long-term investors. We take the other side of the short-termism bet by extending our investment horizon to 5-7+ years. This is our edge.

Power of tax-efficient compounding:

Annual Net return
In 25 years

Advantages of Investing in Quality

Lower risk
The outperformance is achieved with lower realized risk.
Higher returns
Quality companies outperform the market over long time horizons, delivering superior absolute and relative returns.
Better downside protection
During market drawdowns, including recessions, Quality companies tend to do particularly well as evidenced by lower downside capture.
All-weather holdings
Given underlying characteristics of Quality businesses, such as resilient business model, long-term orientation, attractive margins and a strong balance sheet, a long-term investor can be comfortable owning them irrespective of the macro.

Why Culture Matters?

Our working definition of culture is a set of shared values and norms that determine the behavior of the people in the company - internally and externally.

Culture is a key enabler of strategy execution: culture and strategy alignment is far more important to long-term success of the business than any other factor.

Studies from Duke University and Queen’s University found positive correlations between culture and performance as measured by positive trends in employee productivity, customer satisfaction, financial results and share price performance.

The right culture, widely shared and situationally aligned, shapes the balance of happiness between employees, customers and stakeholders, which, in turn, determines the long-term value creation.

Weaving in ESG

Enduring Compounders are purpose-driven, corporate stewards with long-term earnings power. The notion of stewardship is broad and

includes not only capital, but the
people and the planet.

So What?

A Quality company can earn excess returns far longer than the market gives it credit for. Differentiated cultural assessment framework allows us to invest in quality Enduring Compounders that are chronically undervalued by the market.

Based on our experience and track record, we are convinced that cultural analysis is an overlooked source of sustainable alpha in the long term.