We are a fundamentally driven capital appreciation fund. We are neither contrarian nor momentum investors. We tend to research sparsely covered securities (usually small cap), using "Boots on The Ground" investigation for our analysis and "Quiet Facts" to aid in timing our executions.

"Boots on The Ground" investigation aims to capture the value in 'difficult to get' public information- see our ASOS research for examples of such work.

'Quiet Facts' is a concept introduced by Peter Lynch that we find useful for timing our positions. A Quiet Fact is an 'off the beaten track' piece of information about a company or an indicator of an industry's outlook that gives us insight into changing market/economic conditions that a company could face. For instance, if we were looking to enter a position in a Kitchen Outfitter whose shares have declined due to a recession, an increase in the 'median house price' could be an indicator of an improved industry outlook, therefore a signal to open the position. We find 'Quiet Facts' valuable as, by their nature, they are less likely to be incorporated into the security's price.