We believe that great investments begin with great people. Our strategy is to build strong partnerships with a select group of talented investment partners around the world. While our partners vary in terms of strategy, degree of specialization, and level of experience, they share common characteristics: passion, integrity, and strong investment judgment. We see partnership as a two-way street, and aim to be stable, engaged, and responsive limited partners.

The Foundation’s mission and time horizon enable us to be long-term investors. We see having a long time horizon as a competitive advantage, and seek patient partners who share our view.

We recognize that volatility may present interesting buying and selling opportunities. We do thorough work to develop confidence in our partners up front, with the intention of sustaining lasting relationships.

We value deep, bottom-up, fundamental research because we believe it can lead to differentiated insights and conviction. We look to partner with independent thinkers who perform exhaustive and creative research. We are not macro investors.

We are opportunistic, flexible investors. We don’t invest to check boxes or to fill quotas. We invest with people who optimize reward versus risk, and acknowledge that the best opportunities may manifest themselves in different forms. We believe the best way to build a portfolio is to allow ideas to originate from the bottom up, not to impose them from the top down.

We build conviction based on high-quality research, enabling us to take concentrated positions in our portfolio, and limiting turnover where it is not necessary. We hope that our partners will do the same.

We seek aligned incentives with our partners. We prefer to work with managers who are independently owned, focused on investment excellence first over asset size growth and product proliferation, and who are meaningful investors in their own funds.

We have a small team pursuing a generalist model with a collaborative approach. We strive to avoid having siloes in our portfolio and on our team. Every investment we make gets compared against every other, and is subject to review by a team of people with diverse backgrounds and viewpoints. We believe that this approach will lead to a more concentrated portfolio, greater institutional knowledge, and deeper relationships with our partners.

We strive for intellectual honesty and meritocracy in our process. We foster a culture in which independent thinking is valued and the best ideas can prevail, regardless of their origin.

To learn about our Socially Responsible Investment Policy, please click here.