Over 30 years ago our investment team first identified a quality company that excelled in leveraging its native French competitive strengths to profitably pursue new markets and regions. That company was Total SE (“Total”), with decades of expertise in oil exploration...
Over our 35+ years1 as investment managers, we have focused on investing in quality companies at attractive valuations. We have always defined the quality of a company by the following attributes: (1) at least a 10-year track record of above-average and consistent profitability, (2) evidence of sustainable competitive advantages, (3) financial strength, (4) opportunities to grow the business and (5) capable management.
Sprucegrove consistently applies a fundamental, bottom-up process which allows us to invest at times when fear and paranoia may be rampant. We illustrate this within two largely jettisoned segments during the first half of 2020: airlines and cruise lines. As of...
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