Cookie Settings
This website uses cookies to improve site functionality and provide you with a better browsing experience. Detailed information on the use of cookies on this website is provided in our Terms & Conditions and in our Cookie Policy. By accepting you consent to the use of all of these cookies.
Click ‘Edit Settings’ to decline these cookies or to make more detailed choices.
Edit cookies
When you visit a website, it may store or retrieve information on your browser, mostly in the form of cookies. The information does not usually directly identify you, but it can give you a more personalised experience. Because we respect your right to privacy, you can choose not to allow some types of cookies.
Click on the different category headings to find out more and to change the default settings. Blocking some types of cookies may impact your experience of the website and the services we can offer. Read our Privacy and Cookie Policy.
Manage Consent Preferences
These cookies are essential so that you can move around the website and use its features. Without these cookies, the services that ask for cannot be provided. These cookies are on by default but can be turned off in your browser settings.
These cookies allow us to count visits and traffic sources so that we can measure and improve the performance of our website. All of the information these cookies collect is aggregated and is therefore anonymous.
These cookies allow the website to remember the choices you make in order to give you better functionality and personal features.
Get the right experience for you. Please select your location and investor type.

Our approach

Investors for the long term
One of the many things we have learned over the years is it isn’t the biggest who survive and prosper, it is those who can evolve. We spend our lives thinking about what can go wrong rather than revelling in the glow of what might go right.
One of the many things we have learned over the years is it isn’t the biggest who survive and prosper, it is those who can evolve. We spend our lives thinking about what can go wrong rather than revelling in the glow of what might go right.
We aim to hold on to companies for at least five years. But generally we’ll stay invested for as long as we can – we’ve held shares in some companies for over 20 years. Once you start thinking about holding companies for five-plus years rather than five weeks, focus shifts from momentum and industry noise towards long-term fundamentals such as the management, culture and history as well as the economics of the business.
While there will be an ongoing drive to develop how we try to do things in the future, we will retain the institutional structure and ability to pursue our core investment beliefs irrespective of market fashions.
We aim to hold on to companies for at least five years. But generally we’ll stay invested for as long as we can – we’ve held shares in some companies for over 20 years. Once you start thinking about holding companies for five-plus years rather than five weeks, focus shifts from momentum and industry noise towards long-term fundamentals such as the management, culture and history as well as the economics of the business.
While there will be an ongoing drive to develop how we try to do things in the future, we will retain the institutional structure and ability to pursue our core investment beliefs irrespective of market fashions.
Our bottom-up approach
As bottom-up stockpickers, we do not aim to forecast macroeconomic variables with any accuracy or use this as a basis for stock selection. We try to find the right companies first and consider potential head and tailwinds second, some of which may be macroeconomic in nature.
Here are some of the main aspects of what we look for:
Our engagement philosophy
There is no such thing as a perfect company. Every corporate interaction is an engagement. We engage with companies for two primary reasons:
- The purchase of a share in a business comes with both rights and responsibilities.
- Positive engagement on sustainability risks becomes a powerful tool in driving shareholder value and protecting and enhancing the long-term value of portfolios.
There is no such thing as a perfect company. Every corporate interaction is an engagement. We engage with companies for two primary reasons:
- The purchase of a share in a business comes with both rights and responsibilities.
- Positive engagement on sustainability risks becomes a powerful tool in driving shareholder value and protecting and enhancing the long-term value of portfolios.
The right to engage has to be earned. All company engagement is carried out by the investment team and all voting decisions are managed in the investment team.
We believe our engagement process provides an additional layer of governance.
The right to engage has to be earned. All company engagement is carried out by the investment team and all voting decisions are managed in the investment team.
We believe our engagement process provides an additional layer of governance.
What to expect - in terms of performance
Given our aim of protecting capital, and our emphasis on fundamental company research, we tend to outperform in market conditions where due recognition is given to companies with quality management teams, good long-term growth prospects and sound balance sheets. The downside in falling markets should also be limited by our risk-aware approach in matters such as valuation criteria. There are times when solid fundamental analysis may not equate to performance, such as during strong liquidity or momentum led markets.
Copyright © 2023 Stewart Investors.