Strategy

Concentrated conviction.
Compounding returns.

A focused portfolio of 15–25 high-conviction positions in the world’s largest and most enduring businesses.

Four structural shifts in the world’s largest economies.

Investment themes
Concentrated · Long-only

AI Infrastructure

The capital expenditure cycle behind large-language models is generational in scale — and its beneficiaries extend well beyond the headline names.

Semiconductors Data Centres Energy

Industrial Re-shoring

Geopolitical fragmentation is reversing decades of offshoring — accelerating domestic capital formation in defence, manufacturing and critical supply chains.

Defence Industrial Logistics

Healthcare Innovation

GLP-1 therapeutics represent the most clinically significant pharmaceutical advance in a generation, with cascade effects across adjacent verticals.

Pharmaceuticals Medtech Diagnostics

Financial Deepening

Deregulation, rate normalisation, and the digitisation of financial infrastructure are creating durable competitive advantages for select capital markets businesses.

Exchanges Asset Management Payments

Structural theme

01 / 04

Performance

GEM Equities Fund

28.4%

Year to date

31.2%

1 Year

24.8%

3 Year (p.a.)

19.1%

Since inception

GEM Property Fund

12.6%

Year to date

14.3%

1 Year

11.2%

3 Year (p.a.)

9.8%

Since inception

Past performance is not indicative of future results. Returns shown net of fees. For wholesale investors only.

What we look for in a business.

Our selection criteria are deliberate and narrow. We would rather own fewer businesses of exceptional quality than spread capital across mediocre ones.

Durable competitive moat

Network effectsSwitching costsScale economics

High returns on invested capital

ROIC > 20%Compounding reinvestmentCapital-light model

Long-term management alignment

Founder-led or owner-mentalityMulti-year incentive structure

Structural tailwind exposure

Theme intersectionSecular growthPricing power

Valuation with a margin of safety

DCF-anchoredScenario-weightedPatient entry

Concentrated conviction.Compounding returns.