At Kingfisher Capital, we approach the market opportunistically, seeking first to identify the consensus investment thesis driving the price of a given security up or down and then to determine whether or not that opinion is accurate or well-conceived.
We then search for value by applying the fundamental investment techniques developed by Benjamin Graham to select companies with characteristics of financial strength, growth, quality and profitability.
Our research process combines top-down and bottom-up analysis.
First, we examine trends in the global macro economy, industry supply/demand issues, business cycles, market valuations, and private market values to identify areas of opportunity. We then conduct value-driven, fundamental analysis to select individual securities that support our top-down views.
Second, we make individual investments based solely on fundamental research and in cases in which we have identified overlooked or misunderstood opportunities that have catalysts for valuation change and entry points that provide for a margin of safety.
Our fixed income strategy invests in individual municipal, corporate, government, and other
income-oriented securities, while actively managing portfolio duration to control interest rate risk.