Caledonia Investments is an active, long/short, high conviction manager which aims to deliver superior, risk-adjusted, absolute returns by focusing investments on deeply researched themes which they have identified as representing outstanding investment opportunities. They mainly invest in listed equities across industries and geographies and are benchmark agnostic.The firm is a stock picker which makes investments based on deep fundamental research of companies and the industries in which they operate. They consider a variety of valuation and risk factors and the majority of their portfolio is heavily weighted in 10-20 investments. At different times also selectively invest in fixed-income products, memberships of exchanges and unlisted companies. They may also hold large amounts of cash, preferring to be uninvested rather than fill their portfolio with unattractive investments.For long investments, Caledonia Investments is attracted to businesses in growth industries with a large addressable market which have significant barriers to entry such as pricing power, economic resilience, predictable earnings with a demonstrable growth profile, a strong balance sheet, high free cash generation and a high return on invested capital. They also look for a strong management team whose interests are aligned with shareholders.They assess investments on the short side, they seek almost the exact opposite of what they look for on the long side. Each short position is an investment that must stand alone as an outstanding opportunity for risk-adjusted returns.The firm generally takes at least a three to five year view when making an investment.

Baillie Gifford is an active, team-oriented, research-based manager which is completely focused on delivering long-term returns. They construct concentrated portfolios and invest with a global perspective. Their diversified strategies maximize investment opportunities, aiming to achieve steady returns.For equities, the firm's analysts conduct qualitative, fundamental analysis to identify the most competitive, innovative and efficient growth companies.For fixed-income, they invest in government bonds and currencies, investment grade, high yield and emerging market bonds. To avoid taking unintended risk, they complement this with thematic analysis and common sense.

SPO Partners & Co. employs a long-term, value-oriented approach. The firm deploys capital by making concentrated investments in public and private businesses that are often selling at substantial discounts to SPO's view of their long-term intrinsic value. Preservation of capital is a central investment tenet. SPO believes this investment approach minimizes investment risk by combining rigorous, value-based investment analysis with a strong bias toward owning good businesses with proprietary franchise characteristics and owner-oriented managements. Once an investment is made, SPO takes a patient, long-term approach, often holding investments for an extended period of time. They have experience serving on boards of directors and an established record of adding value through working with the managements of portfolio companies.

Co-Founder at NextView Management Company LLC

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