• Fact sheet
• Synopsis
• Portfolio management
• Idea generation
• Data gathering
• Selection criteria
• Buy discipline
• Construction & monitoring
• Sell discipline
• Risk management

Version FRANCAISE 

Sell discipline

• Price Target achieved
  Our investment in a particular company may have reached our target price set at the point of investment. In this situation, we may decide to take all or some of the profits on the particular investment.
• Alternative Investment
  At various points we may conclude that potential returns on other companies are greater than the returns expected from the current investments and therefore liquidate some of our positions. However, on reinvestment we will continue to ensure that overall balance remains within the Fund and reflects our sector focus.

Deterioration in fundamentals :

• Negative Earnings Announcements
  If earnings are revised downwards, we review a particular investment, analyse the causes of such revision and assess the reasons. In the event the reasons are permanent, we immediately liquidate our positions in a particular stock. If the reasons are temporary, we place the stocks on a radar screens and carefully monitor its movements.
• Industry/Company Specific Factors
  If there are factors that heighten our concern about the industry or company such as market saturation, increased competition, product obsolescence, new product launch delay or mismanagement, we may take a negative view of the long-term economics of a company and sell part or all of the position to reflect an increased risk aversion.
• Management Changes
  In the event of changes in senior management that we believe are detrimental to the business, we may consider selling our holdings in a company. Moreover, if there is a high turnover rate among senior management, we may consider this as a sign of distress within a company and liquidate our holdings.
• Strategic Reorientation
  We scrutinise any strategy refocus of the companies in our portfolio. In the event a change in business objectives are not in line with our investment strategy we may decide to sell our stake in the particular company.

Misinformation :

We may immediately sell all our positions if we believe we have received misleading information from company management, either directly through our conversations or the company's financial statements.