Patient .

Disciplined .

Capital Allocation .

We are a long-term investors in public market equities, and our philosophy is inspired by the founding principles of value investing. We avoid short term speculation and specialise in serving the financial interests of a select group of investors.

01 How we think
Valuations
not Predictions
Investing
not Speculation
Businesses
not Stocks
Owners
not Renters
Building
not Selling
Equity
not Products
Principals
not Agents
02 We are Truenorth
We are
Truenorth

At Truenorth we believe successful investing is owning equity stakes in quality businesses run by exceptional leaders. We stand ready to purchase shares at a price significantly below the intrinsic value of the enterprise.

03 Value Beyond Performance
Simplifying
Investing Complexity.

BUT NO SIMPLER

We may participate in the same market, but we aren’t all playing the same game

04 What we value
Our Purpose
Our Vision
Our Values

Our Purpose

Our
purpose is twofold, first, we want to serve as responsible stewards of capital ensuring we exercise full control over equity and cash whilst managing risk in-house. Second, we aspire to develop confident investors. We are committed to these founding principles and never outsource the functions that can cause fragility in our capital or our people. We stay true to achieving our goals without using leverage or complex financial instruments to deliver asymmetric long-term returns.

Our Vision

Is to
be benchmark agnostic by being the best at what we do, and not necessarily the biggest. We aim to hold a concentrated portfolio of high quality businesses that outperform their earnings potential over the long term, as opposed to outperforming benchmark returns year on year.

Our Values

We
align our collective interests by having shared values with those we serve. We have an owner orientated mindset, and this means we see investing, and the company we keep in the same way we see the intention behind permanent equity. At Truenorth we are committed to following this culture without compromise to ensure longevity in our investing.
05 Our Intent

Building Circles of Competence

Vertical Progress not Precision

MULTIDISCIPLINARY KNOWLEDGE
06 Founding Principles
Never
substitute education for thought

Unlearning conventional academic ideas

06 Founding Principles
Benjamin Graham
Benjamin
Graham

The Father of ‘Value’ Investing'. Graham was a pioneer in asset based valuation who started teaching at Columbia Business School in 1928 as a professor of finance. He later published his book in 1949 called ‘The Intelligent Investor’. Graham was a true leader in his thinking and many investors through the generations since have found his teachings a beacon of light.

The Father of ‘Value’ Investing'. Graham was a pioneer in asset based valuation who started teaching at Columbia Business School in 1928 as a professor of finance. He later published his book in 1949 called ‘The Intelligent Investor’.

Read about book
06 Founding Principles
Philip A. Fisher
Philip A.
Fisher

The Father of the so called ‘Growth’ Investing style we see today. Fisher was a pioneer in building the foundations of how we think about real businesses. A man who truly looked beyond the balance sheet and cheap stocks. He thought independently and added another dimension to his investing with the ‘scuttlebutt’ approach. He gathered qualitative information from the ground up with a real world view. We see this forensic approach by a select community of private equity and public market investors today.

The Father of the so called ‘Growth’ Investing style we see today. Fisher was a pioneer in building the foundations of how we think about real businesses. We see this forensic approach by a select community of private equity and public market investors today.

06 Founding Principles
Benjamin Graham and David Dodd
Benjamin Graham and David
Dodd

Graham and Dodd created a book called ‘Securities Analysis’. Their journey provides timeless wisdom, and tools for making intelligent investment decisions on stocks and bonds. Although a tough read, investors can find perspectives in analysis that they won't find elsewhere.

Graham and Dodd created a book called ‘Securities Analysis’. Their journey provides timeless wisdom, and tools for making intelligent investment decisions on stocks and bonds. Although a tough read, investors can find perspectives in analysis that they won't find elsewhere.

06 Founding Principles
Berkshire Hathaway
Berkshire
Hathaway

Warren Buffett became the CEO of Berkshire in 1965 and Charlie Munger joined Warren in 1978. As they both matured as investors they evolved some of the ideas since the days of Graham and Dodd. No one has a monopoly of knowledge or ideas, even Warren and Charlie built on the shoulders of giants.

As Warren and Charlie matured as investors they evolved some of the ideas since the days of Graham and Dodd. No one has a monopoly of knowledge or ideas, even Warren and Charlie built on the shoulders of giants.

06 Founding Principles
Richard Feynman
Richard
Feynman

Feynman inspired us to double down on our investment philosophies and to take them seriously. He reinforced the idea in being able to think better, as apposed to simply soaking up information. He gave us the permission to follow a path where ‘how’ is more important than ‘what’. ‘How’ we think is far more superior than ‘What’ we think. ‘What’ tends to be the consequence of ‘How’. He was a man that made the idea of discovery exciting, it was as if he never worked a day in his life. He was the purest definition of enthusiasm when it came to his craft. We have been inspired by Feynman for decades, and we still find new learning today.

Feynman inspired us to double down on our investment philosophies. He reinforced the idea in being able to think better. ‘How’ is more important than ‘what’. ‘What’ tends to be the consequence of ‘How’ we think about a topic. This is why the inputs of our thinking matter, it's a checkpoint to ensure the quality of our thinking is right from the start.

06 Founding Principles
Charles (Chuck) Feeney
Charles (Chuck)
Feeney

Chuck was the true father of philanthropy. ‘Giving While Living’ is what he wanted to achieve. He was a successful entrepreneur who gave anonymously without applause. This vision was a lot to do with his inner calling. ‘A man, who has always preferred to fly economy and carried his papers in a plastic bag’. He created social and economic equity over 34 years, and funded $8 billion to causes that made changes of huge magnitude. We hope we can have an ounce of this man's class and the direct effect he had on the world.

Chuck was the true father of philanthropy. ‘Giving While Living’ is what he wanted to achieve. He was a successful entrepreneur who gave anonymously without applause. ‘A man, who has always preferred to fly economy and carried his papers in a plastic bag’. He funded $8 billion to causes over his lifetime. We hope we can have an ounce of this man's class and the direct effect he had on the world.

06 Founding Principles
Truenorth
Today

Through decades of study and real-world experience, our investment team draws insights from real businesses, their fundamentals, and their management teams whilst anchoring to the core truths behind what it takes to be a successful long-term investor. Over time we have built our own unique personality where our ideas transcend share selection as a single function. Although our learnings go back a century, our research is firmly rooted in the here and now, avoiding the temptation to rely solely on historical earning trends to validate future returns. Our founding principles and intense study are what bind us to the fundamental truths of investing regardless of the wider market noise. We are sure about our Truenorth today, but, we are even more excited about tomorrow's trailblazers and company founders that build equity in their respective fields. We stand ready to invest in their vision to create value, and in exchange for our capital, we expect to generate returns through our capital allocation skills.

Through decades of study and real-world experience, our investment team draws insights from businesses, their fundamentals, and their management teams whilst anchoring to the core truths behind our learnings. Over time we have built our own unique personality with ideas that transcend share selection as a single function. We are sure about our Truenorth today, but, we are even more excited about tomorrow's trailblazers and company founders that build equity in their respective fields. We stand ready to invest in their vision, and in exchange for our capital, we expect to generate returns through our capital allocation skills.

06 Founding Principles
Truenorth
Tomorrow

Truenorth was built to embark on an investment journey spanning decades, guided by a set of principles that transcends the very essence of the firm itself. When we speak of the ‘long term’ and ‘thinking and behaving’ the right way to achieve our results, we mean it. It's a commitment to sustainable quality that requires unwavering dedication to patience and discipline over time. This is an inner game and skill sets alone are not enough to succeed over decades. These are the foundations that will underwrite our trajectory into tomorrow's investing world where we aim to buy quality undervalued shares in worthy businesses. As we journey along this path into tomorrow, we are confident we can compound our capital at attractive rates of return if we think like the investor and not the institution.

Truenorth was built to embark on an investment journey spanning decades, guided by a set of principles that transcends the very essence of the firm itself.  When we speak of the ‘long term’ and ‘thinking and behaving’ the right way to achieve our results, we mean it. It's a commitment to sustainable quality that requires unwavering dedication to patience and discipline over time. This is an inner game and skill sets alone are not enough to succeed over decades. These are the foundations that will underwrite our trajectory into tomorrow's investing world. As we journey along this path into tomorrow, we are confident we can compound our capital at attractive rates of return if we think like the investor and not the institution.

... - 1928

1931

1934

1965

1965

1982

Today

Tomorrow