Our Philosophy

We believe that demographic trends and technological developments are the key to generating strong and sustainable growth rates and high returns on invested capital.

In the coming decade the portfolio will focus on key sectors and emerging companies most likely to benefit from demographic spending, in particular 'Baby Boomers'. These would include Core and Emerging Technologies, Financials, Consumer Discretionary, Telecommunications and Biotechnology.

The Investment Process

We believe that successful investing is based on patience, perseverance and, most significantly, the discipline of "listening to the market". Our process can be broken down into three simple steps:

• Market and Sector analysis.
• Stock identification.
• Investment decision.

The power of our process lies in the understanding of the inter-dependence between each step.

There is no "black box" full of arcane formulae. Our primary principles are simple: minimize losses by ignoring popular sentiment and to always look for the surprise.

Sell Discipline

At RFA we believe that a strong sell discipline is essential to successful long term investing. Holdings are closely monitored and those which have become significantly overvalued or posses deteriorating fundamentals are sold.

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