We are patient and long-term fundamental investors into responsible businesses across emerging markets. Our investment philosophy is informed by a modern value and responsible investing approach.

Any philosophy is only useful if it is accompanied by principles that govern daily practice and behaviour. As such, we have established 7 investment principles that guide all our investment decisions with 4 “Do’s” and 3 “Don’ts”.


Our Do’s

We buy quality and responsible businesses at a fair price.

We buy fair yet responsible businesses at a bargain price.

We analyse governance, social and environmental issues and engage actively with companies.

We monitor macro and political risks that can affect our investments.

Our Don’ts

We do not get infatuated with portfolio companies or countries.

We do not make top-down calls to justify investments into equity securities.

We do not trade frequently to generate short-term profits.


We are a generalist investment manager focusing on B2C and B2B2C business models that change the lives of the emerging consumer for the better while respecting overall society and the environment. We never invest into business models that we do not understand. A fast-moving world disrupted by new technologies requires however that we continuously strive to enlarge our circle of competence.

Our investment process follows a fundamental bottom-up approach with an integration of governance, social and environmental factors. Not paying more than our estimate of fair value of a business remains the cornerstone of our process.

We are cognizant that the businesses we are buying are generating cash flows mainly in emerging and frontier market currencies. We use a discretionary framework to monitor and mitigate country and currency risk arising from investments into emerging and frontier markets.