Our investment style is focused, disciplined and based on common sense.
The investment track record of Slater Investments has been forged by a team that has worked together for many years. We have a very clear investment process, which we believe has been the backbone of our performance history. It has helped the team to navigate difficult times and grasp opportunities when they arise. The process makes the team focus on what really matters: to build a portfolio that has conviction. We are active fund managers, we do not replicate indices.
Generalist Approach: We are generalists rather than sector specialists, which allows us to pursue any idea that meets our initial screening criteria.
UK Focus: Our geographic focus is almost exclusively on companies that have a UK listing where we have constantly found a sufficient number of stocks that provide the required characteristics to enable strong investment returns. In addition, we feel that the UK corporate governance framework provides an additional overlay of accountability and regulatory protection.
Position Concentration: We do not believe in excessive diversification, since one’s hundredth idea is never as good as the first. Returns will be weighted towards the top 15 or so holdings, where each individual holding may be as large as 5% of the portfolio. There may be certain circumstances that warrant us having a holding larger than 5% in a portfolio. However, no single holding will ever comprise more than 10% of the entire portfolio at cost. The above results in 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 and hopeless.