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U.S. Large Cap Equity

Our flagship large-cap equity strategy, ABLS Core Select, takes a long-term business-ownership approach within a discount to intrinsic value framework. Our purpose is to provide long-term capital growth to investors. In each investment, we aim for excellent absolute returns while reducing the risk of permanent capital loss. Our investment strategy is built on a fundamental analysis of companies from the ground up.

We look for established, cash-generating businesses with solid management teams that are leading providers of critical products and services, and we buy their publicly listed equity shares at a discount to their true values*. Intrinsic value estimates are based on a proprietary study of future free cash flows and returns on capital. We adopt a methodical investment selection procedure that considers company, management, and financial factors.

ABLS's Core Select will invest in 25 to 35 North American companies with market capitalizations of more than $5 billion, as well as a few companies based outside of North America in other developed areas. Our target holding duration is three to five years, and we normally sell investments if their intrinsic value rises above our projections.

Criteria for Investment

Companies with the following business, managerial, and financial characteristics, in our opinion, are well positioned to create value for shareholders in a variety of economic and market circumstances. 

Business Characteristics 

  • Products and services that are essential
  • Customers who are loyal to you
  • In a lucrative market sector or business, you can take the lead.
  • Competitive advantages that last

Attributes of Management 

  • Operators who are trustworthy
  • Capital allocations that are favourable
  • Share ownership that is meaningful

Financial Attributes

  • Free cash flow and a strong balance sheet
  • High rates of return on investment

Risks
ABLSs Core Select may take substantial positions in a small number of issuers, potentially increasing the risk of price volatility.

*There is no guarantee that the goal will be met.

*ABLS estimate of the current value of cash that a company can generate and distribute to shareholders during the remaining life of the company.

NOT FDIC INSURED   NO BANK GUARANTEE   MAY LOSE VALUE