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Portfolio construction

For our most up to date commentary on the portfolio, please refer to the quarterly investor letter.

DSM portfolio March 2019

Source: Downing LLP. All figures correct as at 31 March 2019.


Portfolio commentary


Value investing’s roots can be found in ‘deep value’ ideas – buying very cheap businesses without too much regard for the underlying quality. Invariably, this disciplined approach means buying businesses at a significant discount to net assets, or better, liquidation value. As value investors we have a natural affinity to these deep value positions, but sometimes this isn’t the most effective way to deploy capital and we also seek to buy intrinsically good quality businesses at bargain prices.