A lens through which we seek to identify high-quality, financially healthy companies.
A better indicator of business performance than reported accounting earnings growth.
Extra incentives for company management to be more disciplined in their returns.
Often found in mature industries, such as telecoms, utilities, infrastructure assets and consumer staples.
Often small to mid-cap companies that occupy strong market positions in areas that cater to the growing middle class, such as consumption, services and health care.