How We Invest
Disciplined, research-driven investing
We combine quantitative rigour with deep qualitative insight to deliver superior risk-adjusted returns for our clients.
We use both quantitative and qualitative research to build high-quality portfolios with below-average risk, focused on high-conviction calls underpinned by strong business fundamentals.
Pula-Denominated
Disciplined investing, rooted in Botswana's markets
Investment Pillars
Core principles
Six foundational pillars underpin every investment decision we make on behalf of our clients.
Value Orientation
We buy quality businesses at attractive prices and hold for long-term compounding returns.
Active Management
We are benchmark-cognizant active managers, seeking to outperform through disciplined security selection rather than passive market exposure.
High Conviction
We focus on high-conviction calls underpinned by strong business fundamentals, building resilient portfolios that generate above-average returns with below-market risk.
Risk Management
Risk management is a cornerstone of our process, heavily integrated into portfolio construction and periodic review rather than treated as an afterthought.
ESG Integration
Environmental, Social, and Governance factors are imperative to long-term sustainability. ESG is assessed at initial coverage and reviewed periodically.
Quantitative & Qualitative
We use both quantitative screening and deep qualitative research, a dual lens that captures what numbers alone cannot reveal.
Step by Step
Our investment process
A rigorous, repeatable process designed to consistently identify quality investments and build resilient client portfolios.
Universe Definition
We define the investable universe for each strategy, aligned with client mandates and the regulatory framework.
Fundamental Research
Bottom-up research on individual companies, focusing on strategy, governance, earnings quality, and credit.
ESG Assessment
ESG analysis at initial coverage and periodic review, ensuring the long-term sustainability of investee companies.
Investment Committee
Research reports are presented to the Investment Committee, which approves instruments for portfolio inclusion.
Portfolio Construction
Risk-aware construction using approved instruments, balancing high-conviction calls with diversification.
Risk Monitoring
Continuous risk management integrated into portfolio construction and periodic review processes.
Capital Preservation
Risk management
Risk management is one of the cornerstones of how we manage client portfolios. It is heavily intertwined with both the portfolio construction process and the periodic portfolio review process.
Given the illiquid nature and structure of local capital markets, local equity portfolios are by and large style-agnostic. Our approach ensures we never take uncompensated risk at any point in the investment cycle.
Research focus areas
Business Strategy
Competitive positioning and long-term viability.
Corporate Governance
Board quality, management incentives, transparency.
Earnings Quality
Revenue sustainability, margin quality, cash conversion.
Credit Quality
Balance sheet strength, debt serviceability, covenants.
Liquidity
Market liquidity, free float, trading volumes.
Sector Exposure
Macro sensitivity, regulatory environment, sector dynamics.
Sustainable Investing
ESG integration
Environmental, Social, and Governance matters are imperative to ensuring the long-term sustainability of businesses and investor returns.
An ESG analysis is carried out at initial coverage of a potential investee company and is reviewed periodically throughout the holding period, ensuring the companies we invest in are well-positioned for sustainable, long-term performance.
Environmental
- Climate risk
- Carbon footprint
- Resource efficiency
- Environmental compliance
Social
- Labour practices
- Community impact
- Human rights
- Customer relations
Governance
- Board structure
- Executive pay
- Shareholder rights
- Transparency
Ready to learn more?
Explore our investment products or get in touch to discuss your specific requirements.