Our investment principles guide the direction of the investment policy and shape the investment decision making process.


  • Reaching high long-term returns requires the assumption of high levels of risk, which, in turn, depends on the company's risk tolerance.
  • The long term investment horizon does not exclude the ability to invest in shorter term assets. Instead, it provides the investor with the opportunity for diversification based on time horizons.
  • The returns that we expect will not be constant. Periods of low returns and losses require patience, discipline and regular re-evaluation of investment theses.
  • We pursue active management due to our belief that markets can be inefficient. Nevertheless, various markets may be inefficient at different times and at different levels. Therefore, successful active management requires a disciplined investment process and a well resourced team.
  • All active managers make mistakes, which leads to periods of unsatisfactory returns and losses. Nevertheless, successful managers make right decisions more than wrong ones and make more money than they lose, which primarily depends on their investment process and team.
  • The investment process must be well-balanced - organized and disciplined, but also dynamic and flexible.