KAM takes a long-term approach to investment management, characterised by very low portfolio turnover. 

We will hold a company while it continues to meet our buy criteria.

We will sell a stock when the ratio of price to KAM’s estimate of value means that it is no longer an attractive long-term investment.  This will happen when the price increases or when KAM’s estimate of value drops.

Changes in KAM’s estimate of value tend to occur in the following situations:

• a change in industry or macro-economic fundamentals
• a change in strategy
• a loss of faith in management.

As these events happen much less frequently than price changes, a fall in price will often present a buying opportunity.