Investment Process

Initial Screen bearing in mind ‘dynamics’, ‘valuations’ and ‘technicals’ with top-down overlay		Sizing the positions / Risk Management Analysis
• 400 to 500 company visits per annum • Valuation screens • Due diligence of stocks in same industries in different countries • Meet with company customers, suppliers; attend trade shows, etc • Sellside ‘Bulls’ vs ‘Bears’ comparison	Perform Own Research	• Quality of information available • Visibility of forecasts • Liquidity, especially on availability of stock borrow • Market capitalization • Stock volatility • Types of securities available		Portfolio Composition

Once the position is in the Portfolio, we will continue to monitor the ‘dynamics’, ‘valuations’, and ‘technicals’ based on ongoing research.

The same goes for those that are NOT in the Portfolio, but are on our Radar Screen of potential longs and shorts.