Our purpose is to generate strong investment returns over the long-term. We proudly operate with integrity, honesty, experience, and discipline. We invest in good companies with real profitability and solid earnings growth, but only when their shares can be purchased at a large discount to their true worth.
We only buy bargains
We invest in bargains … wonderfully boring bargains. We target public companies for which expectations are excessively low. Our targets are often overlooked, poorly followed, never exciting, and sometimes hated. We never pay full price. We look for a 50% discount. We only buy bargains.
Least efficient markets
We seek out the least efficient segment of global public equities … smaller companies in international markets.
We seek companies with a proven and time-tested profitability over multiple cycles.
Returns for 20+ years
Source & details: Bloomberg, USD, gross of fees. Returns from Apr’99 – Dec’10 = Templeton Fund (Bloomberg = DEVGRSTF CN) converted to USD with add-back of ~2.9% fee. Returns from July’12 – Mar’21 = Radin International Small Cap including some carve-out data. Jan’11 to Jun’12 = firm/fund set-up period, therefore no data.
Over the past 20+ years, our approach has generated a return of 12.8% annually. A $1 million investment with us in 1999 would be worth $11.7 million today (USD, pre-fees, Mar-2021). The same amount invested in the S&P 500 Index would be worth $3.7 million today. Moreover, our return was generated over a period that included a challenging decade for the value investing style and three severe bear markets – dot.com bubble, global financial crisis and covid-19.