Investment Process

WCP portfolio construction starts with a top-down view:

• Look for ‘macro-trends’ to develop specific industry thesis
• Identify key variables that drive sector/sub-sector focus
• Examine proprietary analysis that leads us to overweight sub-sectors where Wall Street research is particularly weak
• Target industry sub-sectors with the highest relative growth rates and high returns on invested capital without needs for excess financial funding
• Develop conviction in trend, stage in cycle, and opportunities from divergence from consensus thinking

WCP finishes with in-depth bottom up analysis:

• Find most talented management teams with prior successes
• Emphasize companies with new product cycles or a strong, growing pipeline, high return on capital
• Understand competitive advantage and sources of cash flow
• Focus on companies with an executable commercialization strategy