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| As a long-term investor in global equities, we established a Relationship Investing team to make large-scale strategic investments in public companies. Our Relationship Investments fall into three categories: |
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Financial Partnership – we seek to invest in or alongside leading public companies as a business partner; |
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Special Situations – we seek to acquire large equity positions in public companies via the secondary market as opportunities arise; and |
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Value Investing – we seek to invest in under-valued companies and play a hands-on role in creating value in those investments. |
We use a value-oriented approach to identify companies that we believe are poised for long-term capital appreciation. As a significant shareholder, we take a hands-on approach with our investments. We seek to develop relationships with the board and management of these companies, and to play a role in effecting strategies and changes that will improve the long-term value of our investment. Because of our liquidity and size, we are able to quickly source funds for large equity investments and absorb the inherent portfolio risk.
We take ownership positions, ranging from 5% to 30% in mid- to large-cap companies and develop suitable goals for each investment, with a view to realizing significant returns. The majority of these investments are managed internally.
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