All SIM-s investment decisions are firmly rooted in our pragmatic value philosophy, which enables our fund managers to make rational - not emotional - decisions that are based on in depth research conducted by our large team of analysts and the insight this gives them into what an asset is truly worth - not what investors are willing to pay based on greed or fear.

For valuing assets, we use a fair value framework based on long-term historical asset returns. Opportunities arise when current prices differ from these long-term fair values. The assumption that assets revert to their long-term average real returns is fundamental to our approach. For example, we would assume that a company-s return on equity will return to its long-run average over time.

As we are valuation-based investors, we are convinced that by sticking to our guns in the long-term and riding out volatile and uncertain periods when market prices move out of alignment with reality, we will be able to deliver consistent, compelling long-term investment performance for our clients.