Philosophy

Investments

We believe that long-term investment return and risk at the issuer level are defined by the interaction of two factors:

  • Cash flow generation, distribution and reinvestment for growth, and
  • Valuation dynamics in response to evolving fundamental prospects and risk sensitivity.

With these principles in mind, we seek investment opportunities across a spectrum of income, growth, and risk, encompassing a wide range of style and factor exposures.

We believe our long positions are designed to reflect above-average corporate performance and contained risk, while our short positions focus on high valuation and fundamental execution risk.