We’ll be going live with our Real Money Portfolio in 2018, and invest in global listed equities focusing on the key secular themes that we believe will lead the next wave of growth in the global economy. To put simply, we aim to invest in quality growth businesses with attractive valuations.
In the long term, we expect the market to generate positive returns and thus our general principle is to be invested as much as possible. However, as prudent capital allocators, we have discretion to hold signficant amounts of cash (and cash equivalents), protecting the portfolio to over-exposure in times when the markets display irrational exuberance and allowing us to take advantage of periods of market fear where you can buy great businesses on discount.
We will be tracking the performance of our Real Money Portfolio each month here, so please subscribe to receive the latest updates on the portfolio!