Please use your device in portrait mode.
Client Login

WHAT WE BELIEVE IN

Investors are behaviourally-biased to seek out “big winners”.
To find them they rely on rosy assumptions about the future.
Disappointment is common.

We focus on quality.
Quality is simply the restatement of risk.

Price matters to your investment outcome.
We are value investors.

OUR PHILOSOPHY IS CONSERVATIVE, EVIDENCE-BASED AND INDEPENDENT

Watch Stephen Arnold talk about Aoris’ investment philosophy

WHAT WE BELIEVE IN

Investors are behaviourally-biased to seek out “big winners”.
To find them they rely on rosy assumptions about the future.
Disappointment is common.

We focus on quality.
Quality is simply the restatement of risk.

Price matters to your investment outcome.
We are value investors.

OUR PHILOSOPHY IS CONSERVATIVE, EVIDENCE-BASED AND INDEPENDENT

Watch Stephen Arnold talk about Aoris’ investment philosophy

HOW WE EXECUTE OUR PHILOSOPHY

Our definition of business quality is demanding.
We exclude many industries others find attractive.

We want to own wealth-creating businesses.
This comes from an earning an attractive ROIC and
management reinvesting capital intelligently.

We want the risk of disappointment to be low.
We focus on the durability and resilience of a company’s “moat”.

OUR PROCESS IS UNUSUALLY DEFINED, STRUCTURED AND DISCIPLINED

WE VALUE DIVERSIFICATION

Diversification is at the core of our approach.
You don’t have to get diversification by owning lots of stocks.

We want each of the companies we own to be diversified.
This is internal diversification.

We have a hard cap of 15 on the number of stocks in the portfolio.
This ensures the investment merits of every holding is at a high level.

Highly Concentrated, and Internally Diversified

Watch Stephen Arnold talk about portfolio construction

WE VALUE DIVERSIFICATION

Diversification is at the core of our approach.
You don’t have to get diversification by owning lots of stocks.

We want each of the companies we own to be diversified.
This is internal diversification.

We have a hard cap of 15 on the number of stocks in the portfolio.
This ensures the investment merits of every holding is at a high level.

Highly Concentrated, and Internally Diversified

Watch Stephen Arnold talk about portfolio construction

OUR INVESTMENT APPROACH IS INHERENTLY CONSERVATIVE

Price matters as an investment margin of safety.
Quality matters even more so.

Debt acts to amplify problems for a business.
We avoid business with high leverage – including banks.

Management is highly influential as a source of risk.
Aggressively expansive behaviour can be distracting and destructive.

WE SIMPLY AVOID LOW QUALITY BUSINESSES RATHER THAN
COMPENSATE THROUGH PRICE OR DIVERSIFICATION

Watch Stephen Arnold discuss how Aoris’ thinks about risk

OUR INVESTMENT APPROACH IS INHERENTLY CONSERVATIVE

Price matters as an investment margin of safety.
Quality matters even more so.

Debt acts to amplify problems for a business.
We avoid business with high leverage – including banks.

Management is highly influential as a source of risk.
Aggressively expansive behaviour can be distracting and destructive.

WE SIMPLY AVOID LOW QUALITY BUSINESSES RATHER THAN
COMPENSATE THROUGH PRICE OR DIVERSIFICATION

Watch Stephen Arnold discuss how Aoris’ thinks about risk

THE FOLLOWING ARE OUTSIDE OUR CIRCLE OF COMPETENCE

  • Active currency management
  • Active stock trading
  • Market timing
  • Shorting
  • Investing based on economic views
  • Picking commodity cycles
  • Corporate “turnarounds”
  • Investing in “themes”

A COMMON SENSE APPROACH EXECUTED WITH UNCOMMON DISCIPLINE

ESG IS PART OF OUR ASSESSMENT OF QUALITY

We believe that good behaviour is part of what makes a good business.

We look for not just the absence of bad behaviour but also
a positive impact on employees and the environment.

We take a principles-based rather than a rules-based or
“box ticking” approach to assessing good ESG behaviour

A principles-based approach means we assess what the company does,
not simply what it says.

GOOD CORPORATE BEHAVIOUR IS GOOD BUSINESS