In an industry focused on quantitative insights, we strive to put equal focus on the qualitative. We partner with great firms that, through skill and craftsmanship, create value that would not otherwise exist. We realize and appreciate that there is no cookie cutter mold for what makes a superior manager. That being said, we are attracted to firms with small decision making teams, strong financial alignment with their investors, sustainable competitive advantages, and a lasting business model capable of delivering repeatable results. Our approach strives to significantly outperform over longer time horizons, and we accept that it does not lend itself to performing in the top decile in any single year.