The portfolio will generally consist of 15–25 U.S.-listed companies where we have high conviction in long-term value creation. We invest in businesses that we believe are trading materially below intrinsic value, with clear foundational pathways to reversing that valuation. But valuation alone is not enough. We seek companies that act as good ancestors—businesses committed to building enduring value rather than extracting short-term gains.

Specifically, we favor companies that:

• Invest in durable assets such as talent, innovation, operational excellence, and are generally seen to propel their entire industry rather than just being its top performer.

• Steward environmental and social resources responsibly, recognizing that long-term economics and long-term impact are inseparable.

• Maintain values, governance, and cultures that support resilience rather than shortcuts.

• Allocate capital with discipline and a multi-decade mindset.

Our research focuses on companies themselves and on industries that are likely to support ancestral value: nascent in their long-term impact (e.g. renewable energy), essential for generational excellence (e.g. education), and capable of compounding growth over many years—not by cutting corners, but by strengthening the foundations that future stakeholders will inherit.