St Andrews Partners is a team of investors focused on global emerging markets equities. We have a long history of investing in emerging markets since 1992.
While we could, instead, spend all our time building complex financial models, we believe firmly that investing is more an abstract art than a science, where uncertainty and ambiguity - particularly prevalent in emerging markets - will often undermine any false precision that elaborate spreadsheets might offer.
Although there is no such thing as a perfect company, we do have strong views on what we like to see. We much prefer a long track record in order to persuade ourselves that owners and managers see us as equal, albeit minority, owners of a business. We like businesses growing at realistic rates preferably using a healthy dose of retained earnings rather than significant debt or frequent return visits to shareholders. We like business models we can understand which produce properly audited accounts capable of being understood. We like to pay sensible valuations for all the above and we have a strong preference for cashflow.