Investing with Perspective

We identify opportunity, often amidst change, by combining diverse viewpoints with thoughtful research in support of clients’ goals.

Capitalize on opportunities often arising from change at the macro, industry, and company levels by taking the long-term perspective of an outright buyer of businesses

Leverage a distinctive combination of deep industry expertise, global cross-border perspective, extensive networks, and disciplined bottom-up analysis to capitalize on behavioral and analytical inefficiencies in public equity markets

Develop powerful, enduring partnerships with clients by delivering strong risk-adjusted returns, candid communication, and thoughtful insights

Section Background Image Section Background Image

Key Principles

  • A company’s intrinsic value is a function of its quality
  • A company’s stock price often disconnects from its intrinsic value due to behavioral and analytical inefficiencies
  • Risk is not a statistic, and it must be considered holistically
  • We acquire stakes in businesses at meaningful discounts to our appraisal of their intrinsic value
A company’s intrinsic value is a function of its quality A company’s stock price often disconnects from its intrinsic value due to behavioral and analytical inefficiencies Risk is not a statistic, and it must be considered holistically We acquire stakes in businesses at meaningful discounts to our appraisal of their intrinsic value

Investing in the Intrinsics…
Quality and Price Paid Matter

Valuation Measures

Discounted Cash Flow Analysis

Price to Normalized Earnings Power

Private Market Valuation Analysis

Business Quality Measures

Management Quality, Alignment, & Execution

Durability of Competitive Advantage

Financial Productivity (ROIC), Growth, & Associated Risks

Free Cash Flow Generation

Smart Capital Allocation

Balance Sheet Strength

Section Background Image Section Background Image

Our Investment Process

Our process is derived from time-tested principles of fundamental intrinsic value investing. We evaluate opportunities from a long-term perspective as potential owners of the business.

Idea
Generation

Quantitative screens

On-the-ground due diligence

Extensive networks

Fundamental Analysis

Evaluate business quality (financial performance, management, industry dynamics)

Determine intrinsic value and range of potential outcomes

Review all investment recommendations as a team

Portfolio Construction

Rank ideas based on discount to intrinsic value, asymmetry of possible outcomes, and overall portfolio fit

Apply systematic risk controls

Size positions based on risk/return tradeoff

Risk management embedded throughout the process

↓

Margin of safety for our clients

Section Background Image Section Background Image

ESG Integration

We believe that material ESG factors can affect the long-term profitability and/or risk profile of a company and therefore are critical considerations as we holistically assess company fundamentals.

Altrinsic has incorporated ESG considerations into our investment process since inception in 2000.

See Our Approach to ESG

Our Strategies

Learn More
International Equity International ACWI ex. US Equity International Equity ADR Global Equity Global Concentrated Equity Emerging Markets Opportunities