Sell Discipline

Our investment team monitors the key tenets of our buy discipline —

sustainable competitive advantages, value creation and price.

We will remain invested in a business unless:


> Company fundamentals deteriorate below our minimum business

   standard of a 15% return on equity, indicating a loss of competitive advantage


> The market price of a business exceeds 100% of full value


> It is displaced by a better investment that allows an upgrade to the portfolio’s quality, growth outlook and/or valuation metrics

There is no assurance that the investment process will lead to successful investing or that the stated objective(s) will be met. Investing involves risk; principal loss is possible.

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