“There are no winners in the short-term performance derby. Attempting to outperform the market in the short-term is futile…” - Seth Klarman

Defining Success

In order to hold ourselves accountable for our results, we have clearly defined our objectives. As a result, we measure success three ways:

Absolute return objective

Annual return of CPI + 7%, over three year rolling periods.

Relative to benchmark objective

Outperform stated benchmark, net of fees, over three year rolling periods.

Relative to peers objective

Performance in the top quartile of broad, and selected, group of peers.

Achieving the relative measures is largely a consequence of achieving our absolute objective. Hence the reason why we are absolute return oriented.


We think every investment manager should be able to state how each part of their process drives success for their client. And show you how it’s measured. Learn more:  Defining Success 2017 Edition