Approach
Patient, concentrated and aligned since 2009.
Three rules decide every position we hold. They have not changed in seventeen years.
<15%
annual portfolio turnover
61%
of the portfolio in our ten largest holdings
100%
of the partners’ liquid wealth invested alongside clients
Process
How a holding gets in, and how it gets out.
01
Research
Every new idea gets at least six months of research before it reaches a decision. We read the filings, meet the management and visit the business.
02
Decide
A holding gets in only when all three partners agree. One partner’s doubt is enough for us to wait.
03
Hold
Our median holding period is seven years. We let the businesses compound and keep trading costs low.
04
Sell
We sell when the thesis breaks, not when the price falls. A lower price on an intact thesis is a reason to look harder, not to leave.
Reporting
What every client receives.
Positions, cash and performance net of fees, by the fifth working day.
What we bought, what we sold and why, in plain language.
Every position with its weight and cost. Nothing summarised away.
An hour with the partner who runs your mandate, in person or by video.
14 Hanover Square, London W1S 1HP
Authorised and regulated. Capital at risk. Past performance is not a guide to future returns.
© 2026 Ledger & Co.