The Setanta investment approach is straight forward. We invest our portfolios in good quality businesses that are durable, financed conservatively, run by trustworthy management with a shareholder focus and under-appreciated by investors at large for one reason or other. We protect our clients with sensible diversification, a healthy dose of scepticism, and a margin of safety ‘buffer’ embedded in our valuation work. We are diligent and patient investors, undertaking thorough investment research, developing a deep understanding of our portfolio companies and always with a long-term perspective.

Our funds are concentrated. According to the World Federation of Exchanges there are 45,000 companies quoted on its members’ exchanges; we own less than 150 across all our funds.

We are highly selective and invest based on investment merit rather than size or popularity. We find many thousands of companies do not fit in with our investment principles. We pass on these.

Rather, we look to invest in companies that are understandable, financially sound and well managed – what we call Proven Durable Businesses.

That in itself is not enough. A winning investment formula is investing in these types of businesses when they are mispriced, Our Opportunity Set. Correctly identifying these requires us to have intelligent insights and to be opportunistic and patient.

Setanta Asset Management

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