Value Investing


Portfolio Overview

• Concentrated portfolio of U.S. listed stocks

• Long-term focus with low turnover

• Bottom-up fundamental analysis

• Fully integrated ESG

• Systematic hedging


 Value investors focused on risk management



We invest in simple and easy to understand businesses. And the reason is simple: It’s easier to be right. If a company’s operations and financial statements are complicated, it’s easier to make a mistake or be wrong. So, we seek simple opportunities where it’s easy to be right.


In 2017, only 13% of stocks reviewed were bought. That’s because we pursue opportunities we believe are significantly undervalued. We adhere to a comprehensive and systematic process to ensure our investments offer the desired risk-adjusted returns we seek. Importantly, the record indicates that our selectivity is rewarded.


Since 2013, Global Return has been at the forefront of integrating ESG analysis. Our proprietary method seeks to identify a company’s material ESG practices and then assess the probability that these could impact the company’s value. Our goal is to identify sources of idiosyncratic risks and return within a prospective company. We can then factor these risks into our valuation.


Investment Principles

Below are our most important Investment Principles


Our Highest Priority is Risk Management

Each stock has within it sources of risk and return. Therefore, above all else, we believe that investment analysis is risk analysis; we’ve never understood why the investment industry separate these. Our priority is to avoid investments with disproportionately more risk than return. The results should be superior performance without proportional risk.

We Seek Long-Term Compounding

Compounding is the 8th Wonder of the World. We seek to harness the power of compounding so we can grow our capital exponentially. We attempt this by investing in easy to understand companies that we want to own for long periods of time. These companies have strong fundamentals, durable competitive advantages and lengthy track records of successfully compounding returns.

Market Inefficiencies

Over short periods of time the market is inefficient. Emotions, market expectations and irrational decisions cause market volatility, and this creates buying opportunities for astute investors. We attempt to capitalize on these opportunities when a stock’s price is substantially below its intrinsic value.


Contact us for additional information on our Investment Principles