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Consumer Staples Focused

We were founded on the premise of investing in attractively valued, simple, high quality businesses that exhibit high and sustainable growth attributable to the rising living standards in frontier markets. The ascension of this consumption is supported by multi-decade structural trends such as urbanization, young demographics, product development, low levels of credit, and high savings rates.

"Be-The-Consumer" Research

We like to collect data ourselves by using products to understand how they are used in the course of daily life. This gives us insight into purchase motivation, price sensitivity, product life cycle, psychological shifts, distribution reach and control, and marketing effectiveness. This also means that we are traveling often to parts of the world to experience life as an emerging market consumer. It is through this experience that we are able to truly analyze the quality of the business, as opposed to the price changes in the stock.

Uncorrelated Compounding Returns

We seek to benefit from compounding because good investment decisions are magnified when they are applied early. Our portfolio companies characteristically generate sustainable, high returns on invested capital given the consumer base they serve. This makes them ideal candidates for a 'buy and hold' approach. It is with this patience and humility that we aim to capture the consumption S-curve effect ongoing in the frontier markets.

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