Reflect, Retain, Return

When there is “excess cash” on a balance sheet, management is left to ponder whether to return that cash to shareholders and if so in what form? While we appreciate that opinions can vary on this matter given individual preferences like tax status, our view always...

Navigating A Changing of the Guard

As part of our quality assessment of a company, one of the key pillars is evaluating and judging management. This means when there is a change at the CEO level, we spend time assessing its potential impact on the business. In our experience, most CEO turnover falls...

Net Zero Asset Managers Initiative

The Net Zero Asset Managers initiative (NZAM) was established in late 2020 to support the goal of net zero greenhouse gas emissions by 2050 or sooner which is in line with efforts to limit global warming to 1.5°C and reduce the impact of climate change. The initiative...
Flight to Quality

Flight to Quality

Around the world, there are concerns given rising inflation, supply chain issues, and higher energy prices coupled with an ongoing war in Ukraine. In trying to combat inflation, central bankers globally are raising interest rates which in turn are pushing up the risk...

Nokian Renkaat Oyj – The Road Less Travelled

Founded in 1898 as Finnish Rubber Works, and later renamed Nokian Renkaat Oyj (“Nokian”), this Finnish gem rose to prominence in 1934 after developing the world’s first winter tire. This legendary tire was later branded as Hakkapeliitta, after the Finnish light...
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