Investments
We invest in global, publicly listed equities. We take a contrarian, long term view, backed by patient capital.
Our universe is relatively unconstrained and we invest across a
diverse range
of sectors and technologies. We have a heightened focus on:
Healthcare
We look to support progress and back innovation.
We get particularly excited about companies whose products and services have the potential to improve the lives of significant patient populations and are backed by others in the industry.
We invest in companies that use technology to change the way we think about everything from diagnostics to drug discovery, medical devices to patient care.
Disruptive Tech
We believe that investing in organisations where technology is integral to the endeavour can bring scalable positive change.
We aim to identify organisations that understand the possibilities new technologies hold and are finding ways to unlock them. We look across supply chains and industries to find the most innovative commercial products and solutions.
Energy
To create positive social and economic progress while navigating environmental change, we invest in companies with critical resources. We are focused on reducing fuel poverty, the medium-term transition, and long-term opportunities in renewables.
By backing companies that have quality resources and strong leadership teams, we hope to prevent resource vulnerability while supporting supply chain accountability. We have invested in companies with exciting pipelines and unique assets with resources that will be critical to both the energy transition and more immediate supply security.
We believe in the importance of keeping critical resources in public hands, rather than private equity ownership, where management teams are held to account for their practices. We support those with great governance and who are targeting operational excellence.
Materials
We invest in companies seeking to exploit lower carbon raw materials that are building blocks for current and future generations, as well as businesses with innovative materials which can transform products or production processes.
We look to support businesses and projects whose products have long-term demand growth and are run by management teams with high integrity.
We invest in
possibilities.
We think about the potential of businesses, driven by the people who run them*
LPKF Laser & Electronics, a small German manufacturer with decades of thoughtful research and commercialisation, is in the process of ramping up the production of its new LIDE machines. This new technology allows tiny structures to be etched into glass with quality, speed and cost efficiency, and opens up huge new markets in foldable display and semiconductor packaging applications. There is a real possibility of turning this into a multi-hundred million dollar, high-margin business.
See moreSee moreMercadoLibre has been a long-time favourite of the founder since it was brought to his attention by a young analyst in 2012. Recently, the possibility of reform in Argentina, the evolution of their commerce App into a SuperApp (whatever that might look like) or imitation of Amazon in Latin America, are all options that could sustain revenue growth above 20% for many years to come.
See moreSee moreOxford Nanopore has spent the last two decades developing the next generation of gene sequencing. They are now well on their way to commercialising it in a portable product that provides greater insights at rapid response times. The position has been built up during 2024, and it has been interesting to note that Novo, BioMérieux and EIT (Larry Ellison) have increased their positions more recently. Clearly, if this becomes the de facto standard in rapid response POC settings, revenues could grow beyond $1bn.
See moreSee moreValeura Energy is a long-standing holding that has been taken to support the CEO's vision. It is unusual in the oil & gas industry to be able to participate in a company that is taking the energy transition very seriously. They are highly regarded by the authorities in Thailand, and have successfully rehabilitated existing infrastructure to maintain production levels - normally the cheapest and lowest carbon manner of producing essential hydrocarbons. We believe their efforts are significantly overlooked with multiple avenues for growth ahead.
See moreSee moreLundin Mining is a copper-focused producer and developer. It has been run by the Lundin family for many decades and is now embarking upon its most ambitious venture to date, the unlocking of significant new resources in Javier Milei’s new Argentina.
See moreSee moreBYD is a vertically integrated Chinese car company, a leader in both battery design and car manufacture. Particularly exciting is its recent announcement of a 5 minute charging time. It is an auto OEM that is almost uniquely 'EV native' which could enable it to attain a 10-15% market share in the leading-edge auto market, becoming the leading global brand in many markets. Its combination of quality, price and technology should underpin 20% growth for up to a decade.
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