Investment Approach

Value Equity

Our Philosophy

We believe that discipline and independent analysis are the keys to finding undervalued securities. While short-term market sentiment moves price more than value, market inefficiencies create the opportunity to buy businesses that are undervalued relative to their long-term earnings potential.

Our Investment Culture

Our goal is to generate excess returns through a disciplined, research-intensive, fundamental approach to value investing. Our experienced team has worked together for over a decade in an environment of high communication, collaboration and trust. A culture based on teamwork and intensive research creates an environment where ideas are rigorously challenged and thoroughly debated.


on industry research and asset valuation has endured through multiple market cycles

Our Investment Team

We have built a team of individuals with a passion for investing and a unique combination of analytical ability, creativity, experience, and discipline. Most are equity owners of our firm. We believe that our clients benefit from working with seasoned, skilled professionals whose interests are aligned with their own.

  • Analytical Ability
  • Creativity
  • Experience
  • Discipline

Our Investment Process

With fundamental research as our foundation, we encourage intensive, creative thinking at all levels and stages of our investment process. Our experienced industry analysts leverage their expertise across all market capitalizations and contacts across the globe to source new ideas. Our dedicated sector teams are structured to challenge analyst assumptions, actively debate investment theses, consider alternate views and, ultimately, capture investment opportunities.



  • Review screens
  • Leverage H&W analyst networks
  • Discuss ideas with team



  • Investigate industry
  • Analyze company and competitors
  • Assess quality, risk and ESG considerations
  • Determine normal earnings and fair value


Sector Teams

  • Undertake initial peer review
  • Challenge thesis and assumptions
  • Evaluate opposing views
  • Recommend a position weight, balancing risk and return

Build and Monitor

Portfolio Managers

  • PM’s responsible for portfolio construction
  • Consider valuation & risk ratings
  • Ongoing Sector Team overview of all investments
  • Monitor changes to normal earnings, valuation, and risk ratings


is the foundation for everything we do

Our Risk Management

The active evaluation of risk is integral to our portfolio construction. We believe that avoiding the permanent loss of capital should be the principal risk objective for long-term investors. Our portfolio managers consider macro exposure, ESG factors, and diversification along with security level risk controls including valuation support, financial strengthsustainability of business modelgovernance, and liquidity.

While we often run concentrated portfolios, our strategies are designed to be diversified. Key aspects of portfolio level risk controls include maximum position sizes, maximum industry and sector weights and the incorporation of economic scenario analysis.