Mark Walker, Founder and Portfolio Manager of Tollymore Investment Partners, strives to offer investors an edge through his ability to actually execute a long-term investment program versus the “pitch-book investing” mentality that can be so prevalent in institutional investment set-ups, which are often characterised by impatience, high stimuli working environments, and short-term performance pressures partly driven by fast capital.
Tollymore has a global remit to own a 10 - 15 stock portfolio of undervalued high-quality businesses. The cornerstones of the investment philosophy are:
- Long term: Exploit a time arbitrage afforded to patient investors with patient capital
- Business owner mindset: Focus on companies that can grow their intrinsic values through their own efforts
- Downside protection: Understand balance sheet, business, and valuation risk to mitigate earnings’ power impairment
- Long only: No shorts, no leverage.
While this philosophy is not unique and certainly not a source of edge, Walker thinks his ability to execute this long-term investment approach is differentiated. The edge is thus behavioural, facilitated by the alignment of manager temperament, working environment and investment partners’ capacity to invest countercyclically over the long term.
As part of his strive for mastery, Walker also wants to redefine the client-manager relationship and be truly aligned with true long-term investors, some of whom may be facing perpetual investment problems.
In this Opalesque.TV BACKSTAGE video, Mark also talks about:
- Why “sound investment practices” require a better linkage between investment analysis and portfolio management
- The limits of “investment screens” for long-term investment results
- The risks of over-diversification
- Investment criteria & risk considerations
Mark Walker is the Managing Partner of Tollymore Investment Partners. Prior to founding Tollymore Mark was a global equity investor for Seven Pillars Capital Management, a long-term global value investing firm based in London. Mark joined Seven Pillars from RWC Partners, where he was part of a two-person team managing a newly launched, long term global equity fund. Prior to that Mark worked as an investment research analyst for Goldman Sachs and Redburn Partners. He is a qualified chartered accountant, and graduated from Edinburgh University with a First Class MA Honours degree in Economics, graduating first in his class.
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Mark Walker, Founder and Portfolio Manager of Tollymore Investment Partners, strives to offer investors an edge through his ability to actually execute a long-term investment program versus the “pitch-book investing” mentality that can be so prevalent in institutional investment set-ups, which are often characterised by impatience, high stimuli working environments, and short-term performance pressures partly driven by fast capital.
Tollymore has a global remit to own a 10 - 15 stock portfolio of undervalued high-quality businesses. The corner ...more
