At Ubique we believe that investor sentiment causes markets to be inefficient in the short term, and that this provides opportunity for active managers (with a disciplined focus on quality and value) to achieve better than market returns over the medium term.
We believe that to make the most of short term inefficiency we must remain nimble, and we are therefore committed to limiting our funds under management (FUM). We will close to new clients if our total FUM is well above A$5bn, and will close to all applications / inflows if our total FUM is sustainably above A$6.5bn.
To get the most out of our investment process, we believe that it is essential to have an active visitation / observation program. We must be prepared to go everywhere and consider everything, in order to find and truly assess the merits of investment opportunities.
We believe that great management makes a material difference to returns potential, and that the converse is also true (especially in small to mid-cap stocks).
We believe that we must respect the business cycle, and that we must therefore have a strong buy-sell discipline (particularly with respect to cyclical companies).
If we make mistakes we believe it is important to act decisively, and re-deploy capital to better opportunities.
Whilst we are bottom-up stock pickers, we believe that investing today is truly global in nature, and that macro-economic factors should have an influence on portfolio construction.