We invest in structurally growing companies and transformation investment cases. Our intrinsic value calculation is mainly driven by cash flow analysis and we only invest at a significant discount to our calculated target price. Typically, we bridge operating performance targets with our own valuation metrics. Then, we discuss our valuation roadmap with management.
Risk management is the backbone of consistent return
There is a time to protect and a time to take risks. We believe that preserving capital is key to maximizing returns. In our view, valuation discipline and portfolio construction are necessary to maintain consistent returns and risk management is required when liquidity takes over valuation.