• Cape Ann is a long-only, global, value investor in developing (emerging and frontier) market equity securities. Cape Ann employs a bottom-up fundamental approach to stock picking using an assessment of intrinsic value. Cape Ann defines value as the discount of a security price to the underlying economic value of the business. Cape Ann’s objective is to maximize the intrinsic value of the portfolio over time through a disciplined investment process. Hallmarks of the process include rigorous research, disciplined portfolio implementation and risk management. The portfolio is a reasonably concentrated, all-cap strategy with high active share. These are attributes that should put the portfolio in a position to add value over the long term as the team seeks to compound returns and wealth for clients.


    Cape Ann has a structure and process that promotes a differentiated, conservative and long-term view. Cape Ann seeks to take advantage of volatility and mispricing that may arise through the market’s short-term horizon, tendency towards extrapolation and behavioural biases. Elements of the approach include screening by value factors and assessments of qualitative heuristics and capital returns. Cape Ann generally excludes companies with danger of severe capital loss due to excessive leverage or poor management quality.