The F.O.C.U.S. Framework

• F – Fundamentals: Emphasises strong balance sheets, healthy cash flows, and consistent profitability.
• O – Opportunity: Targets businesses in large, scalable sectors with long-term growth tailwinds.
• C – Cycles & Capital Allocation: Maintains awareness of market and business cycles to ensure disciplined capital deployment.
• U – Unmatched Moats: Invests in companies with durable competitive advantages like brand leadership or network effects.
• S – Stewardship & Safety: Prioritises high governance standards and a "margin of safety" through valuation discipline. 

Core Investment Attributes

The firm traditionally follows a GARP (Growth at a Reasonable Price) approach. Key parameters for selecting stocks include: 

• Quality First: Focuses on high-quality businesses with superior management rather than just chasing high growth.
• Earnings Visibility: Prefers companies with at least 15% earnings growth and a Return on Capital Employed (RoCE) > 25%.
• Valuation Discipline: Aims to buy "growth" businesses at "value" prices, avoiding overvalued speculative stocks.
• Long-term Horizon: Adopts a 3 to 5-year investment horizon to benefit from the power of compounding.