Investment Philosophy

Slater Investments believes that there is regular dislocation in the stock market. We seek to capitalise on this belief by identifying and investing in inexpensive growth shares with a considerable margin of safety. Slater Investments believes that this approach provides the optimal combination of risk and reward in the long term.

Our investment style is focused, disciplined and based on common sense. Our investment philosophy can be summarised by the following:

  • Generalist Approach: We are generalists rather than sector specialists, which allows us to pursue the ideas that meet our initial rigorous screening criteria.
  • UK Focus: Our geographic focus is almost exclusively on companies that have a UK listing. We believe that there are a sufficient number of stocks within our circle of competence that possess the required characteristics to enable superior investment returns. In addition, we feel that the UK corporate governance framework provides an additional overlay of accountability and regulatory protection.
  • Position Concentration: Unlike many fund managers, we do not believe in excessive diversification.  Returns will be weighted towards the top 15 or so holdings, where each individual holding may be as large as 5% of the portfolio.  Although it is uncommon for us to have a holding larger than 5% in a portfolio, certain circumstances may warrant us to choose to do so.  However, no one holding will ever comprise more than 10% of the entire portfolio at cost.  It is clear from our view of diversification that we prefer to build concentrated portfolios of our very best ideas.
  • Growth at a Reasonable Price: Our core investment process is biased in favour of growth, though we do not subscribe to the view that "growth" automatically means expensive and "value" is by definition cheap but hopeless.

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Contact

Slater Investments Limited
Lisa Letham
T: 020 7220 9365
E: lisa@slaterinvestments.com

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