The Financial Investments team manages a portfolio of minority investments in publicly-listed companies.

In making these investments, we are prepared to be patient. We only deploy capital when we have conviction and we are willing to hold positions long term. We focus our portfolio on a small number of companies in the belief that marginal holdings can markedly dilute overall performance.

Our investment approach is based on:

  • Creativity: we maintain an open mindset, looking at issues from multiple points of view
  • Analytical rigor: we strive to develop a deep understanding of all aspects of our investments through disciplined, critical thinking
  • Probabilistic world-view: we avoid anchoring to a single outcome and look for asymmetric payoffs
  • Behavioural awareness: we consider sentiment and positioning in timing our investments
  • Capital preservation: we select investments where we believe there is limited downside risk


Ocado is a UK-based technology company which provides an end-to-end hardware/software solution enabling food e-commerce in some the largest markets globally.

RWE is the largest conventional (nuclear, coal and gas-based) electricity producer in Germany and one of the largest renewables players globally.

Following the acquisition of Lonmin in 2019, Sibanye-Stillwater became the third largest PGM (platinum, palladium) producer in the world.