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Investment Philosophy

The primary focus of our investment process is on risk control, via strategic diversification. We achieve competitive returns by favoring dominant companies with strong fundamentals, a commanding position in the industry and favorable long-term trends within the world economy.


We strive to attain the following criteria when making individual equity selections: 

  • Strong corporate management and leading market positions for its products and services.
  • Company has a strong financial position with adequate liquidity reserves.
  • Company provides essential services or products, with recurring needs, whose demand persists even in slow-growth environments.
  • Company operates in countries with favorable growth prospects and a stable political environment.
  • Company operates in an industry that is well-positioned for long-term growth and benefits from world economic trends.
  • Growth of company revenues is based on regular capital investment projects and research/development expenditures.
  • Strong competitive position based on patents, trademarks, brand names, consumer franchise, market share, proprietary products, strong distribution system, effective advertising and marketing.
  • High return-on-equity and strong profit-margins; which provide funding for both company growth and dividends.
  • Attractive dividend yield and prospects for continued dividend growth.
  • Attractive valuation based on price-to-earnings ratio, price-to-cash flow ratio, earnings growth rate and dividend growth rate.

We strive to reduce risk and volatility in our bond portfolios by using the following criteria: 

  • Issuer has strong finances, a good credit rating, and a stable outlook.
  • Issuer is not likely to be a victim of adverse political or economic developments.
  • Issue provides adequate return relative to inflation and to other available issues.
  • After-tax return on issue is attractive relative to alternatives.
  • Maturity of issue is consistent with limiting market risk from a rise in inflation and interest rates.