Investment PhilosophyWe rely on our investment philosophy to generate superior returns for our shareholders over the long term, to promote sound corporate governance and business practicies, and to benefit our partners, counterparties, employees, consumers and society at large.
- We are opportunistic investors.
- Simply stated, we are value-oriented investors. In evaluating any investment opportunity, our investment philosophy is driven by the opportunity to purchase assets that, due to perceived risk, low liquidity, disinterest or a lack of understanding on the part of market participants, are undervalued.
- We believe the most attractive opportunities are in world emerging markets.
- Much of our past success has been the result of our comprehensive knowledge and understanding of emerging markets, in particular, the Russian and CIS markets. We believe there are still substantial opportunities in the world's emerging markets and that we are well placed to take full advantage of them.
- We typically take a longer-term view, in order to realize the full potential of our investments.
- We do everything necessary to develop our investments, making them more attractive to a potential buyer. While we do not particularly welcome the inflexibility of being wed to an investment for the longer term, we lower our risks by seeking undervalued investments that provide ample down side protection and when possible, interim cash flows.
- We view co-operation with foreign investors and the attraction of foreign capital as important to the development of our companies.
- Foreign investors provide not only capital investment, but also the expertise which is needed to successfully develop and realize the full value of our investments. We know from experience that the failure to attract longer-term foreign investment will result in under-developed assets and missed business opportunities. Also, with regard to exit strategy, sale to foreign investors provides us with a logical and attractive means of exiting our investments.
- First and foremost we are investors, not business managers.
- Companies of Consortium are independent entities and are given fairly wide latitude to conduct their affairs. We continually measure the financial performance of our investments.
- We are guided by the philosophy of investing in only those companies that are leaders in their respective fields of business.
- We require those in which we invest to be one of the top three in their business field or with a clear potential to become one of the top three within a reasonable period. Where we see that our investments are not meeting this criterion, we take active measures to divest and free up our financial and management resources for more effective investments.