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Capturing the undiscovered value for our investors.
Once we are satisfied that the level of discretionary cash flow and the overall quality of management meet our criteria, we are ready to capture the undiscovered value for our clients. We typically do this by taking significant positions and we often rank among the largest shareholders of the company.
Due to our significant stake, we frequently cooperate as if we are partners with management, supporting them in a collaborative, active way as they pursue their strategies to create and realize shareholder value.
We typically hold our positions for years to capture the full benefit of the value identified through our proprietary research. We track our positions continuously and sell when, in our estimation, warranted by a change in a fundamental aspect of the company or full value is close to being achieved in the stock price.
Another advantage of our buy-and-hold strategy is low portfolio turnover. This reduces trading expenses, increases unrealized gains versus realized gains, and favors long-term capital gains over short-term capital gains. Therefore, our portfolio management tends to be relatively tax efficient.
 Investment Approach...
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