Long Term Investment Themes

Identifying long-term investment themes that have the potential to produce superior returns and isolating the best investment opportunities to capture each theme is our approach to investment strategy.

Investment themes may be generated from changes in technology, demographic or behavioural changes, industry structures, regulatory environments, or specific asset situations.

Investment theme identification and company analysis is demanding and strongly research-driven, with PPM's investment managers visiting and examining the performance of companies' management teams on a frequent basis.

PPM's short paper Investing with Themes details the components of investment theme research and identification.

At the company level, the selection process is a combination of top down/bottom up analysis, which looks at the total environment, and in particular industry structure including specific investment risk and opportunities.

Companies who have a superior competitive position and attractive growth prospects which allow them to earn excess profits over extended periods are selected.  Pricing is also an important component of the process as we attempt to purchase stocks were their prospects are not fully valued in the current share price.

We prefer to hold stocks over many years and do not employ any active share or derivatives trading strategies.

Our focus is solely on the companies and industries we invest in, specifically their long-term prospects, risks, strengths and weaknesses. We are indifferent to index considerations, historical volatility and other matters solely related to financial markets rather than investment fundamentals.

PPM's Investment Philosophy and our Corporate Profile provide additional information about our unique approach.