We Seek Insights

We seek insights and disregard the noise

• Subtlety: Our insights’ value varies inversely with their public recognition 
• Significance: our insights must result in differentiated financial characteristics   
• Endurance: our deliberative research process and long holding periods demand insights that persist
• Conviction: our conviction allows us to apply our insights at times of market stress or temporary business underperformance.

We are bottom up investors who don’t ignore the top down

Bottom Up:

• ~1100 gold mining companies and 500 emerging and frontier companies 
• Sort for liquidity, value, and quality
• High internal collaboration and low contact with other money managers
• 25 yrs of institutional memory, countless trips, and manager interactions
• ~500 companies on target list we’d own at the right price
• ~50 companies we own currently

Top Down:

• Our bottom-up experience informs our top down thematic insights 
• Economic imbalances and investor prejudices can present extraordinary investment opportunities.  
• This view underpins our conviction in gold and emerging markets equities

We engage our companies as active participants

• We meet with managements, conduct on-site assessments, and interview competitors, customers, suppliers, and industry experts. 
• We study public financials and research reports, model the financials forward and backward, and conduct daily research meetings. 
• We have a 10+ year investment horizon that guides our research towards deeper insights.

ESG factors are uniquely at the heart of competitive advantage in the resource sector due to the inherent environmental, social, and governance dimensions of these businesses.

Our principle-based approach to responsible investing necessitates ethical managements, business models, and a bottom-up, long-term investment horizon.