Summary

• We have a strong orientation to low absolute and relative valuation, which are key to the execution of our investment strategy.
• Industry trade shows are the firm's main revenue source, and the company operates 500+ events across the globe each year.
• Philips boasts leading market share across 70% of its business and has maintained its culture of innovation, despite the long-running organizational change.

Investment Philosophy:

Purchase durable business franchises that are selling at a discount to their intrinsic value.