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Core Principles

We believe that adherence to our core principles sets us apart from our peers. These principles are as follows:

Resolve

We will at all times remain true to our investment objective - the preservation and long-term growth of our clients' capital. This objective will likewise at all times be pursued in line with our Philosophy & Process. Should we be unable to identify any suitable investment opportunities for our clients' capital for a significant period of time, we will return it to them.

Integrity

We believe that our best chance of delivering against our investment objective is to set our standard of integrity as high as possible. Accordingly, whilst we aim to maintain excellent relations with all market counterparties at all times, we will not be represented by a prime broker, nor will we enter into any soft commission agreements or accept any broker entertainment. Similarly, we will always vote in the best interests of our clients irrespective of the size of the position we may hold in the company in question or how well we may know its management.

Good Faith

It is the interest of our clients that will prevail in all of our dealings and all investors in our fund, irrespective of size, will be treated equally. We will endeavour to protect our investors from both market timers and short-term speculators and will close our fund to new investors should we feel that such a move would be to the benefit of existing clients. Likewise, each employee of Intrinsic Value Investors (IVI) LLP will invest their own capital alongside our clients in the Fund and will face restrictive rules regarding other personal account investments.

Transparency

We welcome client interest. We aim to provide clients with unparalleled transparency into our fund's holdings and performance by means of regular in-depth reports, letters and conference calls.