For us cash is king. As part business owners of the companies in the fund, we focus exclusively on the amount of owners cash flow we receive each year. Simplistically this is the surplus cash that the business produces after having reinvested capital to sustain and grow current operations as well as expand into new ones. We are very careful in our analysis of the motives and skill of management teams. Ultimately they are the stewards of our capital and play a critical role in value creation for shareholders. We use both qualitative and quantitative factors to derive an intrinsic value for our universe. We only invest once a company passes our quality and valuation criteria of price/intrinsic value (P/V) of < 0.6. Our companies ability to grow cash flows and hence intrinsic value through time is the engine for partners value creation. All that is required is patience
while the valuation gap closes.
The Fund and Investing
The Partners Fund is registered in Guernsey and approved and regulated by the GFSC.
The fund is specialized in nature due to the concentration of the fund. The only concentration rule is that no position can be bigger than 20% of the net asset value of the fund.
The fund does not use leverage or short individual equities.
For further details please read the Scheme Particulars available under the download section or by clicking here
This also includes details on the structure, pricing, investment and divestment procedures