The Fund

The Fund | Overview

The Ensemble Fund seeks to achieve long-term capital appreciation. The Fund invests in a focused portfolio of approximately 15 to 30 securities that meet our demanding criteria. Our philosophy revolves around the idea that a small number of core concepts — competitively advantaged business models, talented management teams, understandable businesses and buying stocks at a discount to their intrinsic value — drive the majority of investment outcomes.

We are business analysts, not stock market timers. After identifying strong businesses that meet our valuation requirements, we take a meaningful position that we intend to hold for three to five years or longer. In the short-term, stock prices are primarily driven by investor sentiment. Over the long-term, stock prices are primarily driven by corporate fundamentals. Our multiyear holding period is designed to allow the corporate fundamentals, on which we base on investment decisions, to emerge as the primary driver of investment performance.

The Portfolio Manager of the Ensemble Fund, Sean Stannard-Stockton, CFA has 100% of his personal US equity allocation invested alongside shareholders of the Ensemble Fund.