We seek to consistently generate long-term alpha by investing in a concentrated portfolio of global equities. We believe in:

• Quality - High quality businesses can predictably compound value over time, delivering superior long-term shareholder returns. We avoid companies highly exposed to exogenous factors.
• Valuation - Investing with a margin of safety reduces the risk of overpaying for the shares of a company.
• Long-Term - Acting as owners and focusing on what is important over the long-term allows us to maintain perspective and take advantage of market opportunities.
• Concentration - A concentrated portfolio with high active share is an optimal portfolio structure to deliver added value.
• Stock Selection - We believe that fundamental, bottom-up stock selection rather than portfolio management should drive portfolio returns.
• Objectivity - A collaborative team-based approach implementing a disciplined investment process drives objectivity and ensures consistency in decision making.

AAM's transparent and robust investment process is disciplined, objective and consistent.

• Disciplined - We believe that long-term returns can be best achieved through the implementation of a clearly defined, iterative and repeatable investment process that is well understood by both the Research Team and our clients.
• Objective - We focus on a bottom-up, evidence-based process that minimises subjective judgements and seeks to reduce the influence of behavioural biases.
• Consistent - Our process is consistently applied across our investment universe. We are open-minded but accept that some types of companies are unlikely to pass our investment process as every investment must pass all three of our independent Investment Criteria.

The investment process judges companies on three independent Investment Criteria - Quality, Fundamentals and Valuation. To be eligible for inclusion in the portfolio or to remain in the portfolio, a company must pass all three of these criteria.

The independence of the Quality and Valuation criteria ensures that no company is of such high quality that any valuation will be accepted, and no company can ever be so cheap that we would compromise on Quality.

• Definition of Quality - We define Quality differently to others and we apply this consistently with a mindset that focuses on the future and not just the past.
• Valuation discipline - We use cash based valuations for all companies to bring consistency and rigour to our valuations and we apply these using a strict buy/sell discipline.
• Team based approach - Our approach reduces the effect of behavioural biases and promotes lateral thinking and open mindedness to reach the best investment decision.
• Risk framework - We focus on diversification of common business risks and we are sector and benchmark agnostic.