BE INTELLIGENT
KINGFISHER
INVEST
When it comes to investing, experience matters.
Kingfisher believes in the principles of intelligent investing, leveraging internal research and a global reach to ensure our clients are successful over time.
The Karl G. Jansky Radio Astronomy Observatory in central New Mexico
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Monetary and Fiscal Policy
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Output and Productivity
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Employment
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Globalization
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Business Cycles
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Supply/Demand Issues
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Private Market Values
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Competitive Landscape
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Competitive Position
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Addressable Markets
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Growth Opportunities
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Regulatory Issues
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Quality of Earnings
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Free Cash Flow
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Capital Structure
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Goodwill and Intangible Assets
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Changes in Inventory and Accounts
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Legal Risks, Patents, Anti-Trust
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Sustainable, Recurring Sales
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Working Capital Surpluses
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Expanding Operating Margins
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History of Value Creation
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Fundamental Valuation
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Peer Comparisons
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Timing of Debt Maturities
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Access to Capital
We have managed client portfolios for nearly thirty years, leveraging our own keen investment insights while working with many of the brightest minds in the industry.¹
Whether through proprietary security analysis, investment manager selection, or tactical asset allocation, Kingfisher delivers capable and thoughtful investment management.
We employ a systematic research approach, which overlays macroeconomic observations upon rigorous, “bottom-up” security analysis.
"The Intelligent Investor is a realist who sells to optimists and buys from pessimists.” – Benjamin Graham
Kingfisher believes in the principles of intelligent investing, leveraging internal research and a global reach to ensure our clients are successful over time.
We offer separately managed account strategies in three primary investment areas: Equity, Fixed Income, and Global Macro. Our proprietary strategies, coupled with best-of-the-best, complementary asset managers, form the basis of our informed, open-architecture allocation models.
IN PURSUIT OF QUALITY
Our value-oriented approach seeks to identify the very best companies around the world, with the financial soundness necessary to weather adverse market conditions and the business strength to prosper in varying economic environments over time. We approach the market opportunistically, seeking first to identify the consensus thesis driving the price of an investment up or down, and then to determine whether or not such a view is well conceived.
THE DIFFERENCE BETWEEN QUALITY AND PRICE EQUALS VALUE
At Kingfisher, we believe even quality investments should be purchased at a price that compensates investors for the risks they assume. As a result, our investment team seeks to invest in high quality companies only when they are trading at discounts to the intrinsic value of their combined businesses, thereby introducing a margin of safety.
We believe that in buying stocks, investors are actually obtaining fractional ownership interests in the businesses those companies manage. In viewing stock purchases as ownership stakes rather than short-term trading vehicles, intelligent investors naturally migrate toward owning the highest quality companies with cash generative businesses, strong balance sheets, leading market positions, and sound internal governance and management.
Our extensive experience in securities analysis provides an advantage when it comes to fixed income investing, enabling us to evaluate the credit worthiness of each issuer and debt instrument. Unlike stock markets, which utilize exchanges to provide transparent and efficient methods for trading equity shares each day, bond investing often requires the extra step of arranging a buyer and a seller for each transaction. As a result, the typical investor accesses only a fraction of the broader bond market. Kingfisher evaluates bond inventories across many dealers and actively negotiates the best prices to find the most attractive bonds for our client portfolios.
Even quality investments should be purchased at a price that compensates investors for the risks they assume
PARTNER WITH THE BEST
As part of our investment program, Kingfisher will often partner with other great managers to complement our proprietary strategies. We believe our own experience investing directly in financial markets gives us a clear advantage in evaluating complementary investments. While some wealth planners and financial advisers have little expertise in fundamental securities analysis to apply to investment selection, Kingfisher leverages practical skill to perform due diligence on managers with whom we collaborate. Understanding our investment partners allows us to be patient investors.
A PIONEER IN GLOBAL INVESTING
We live in a global world, now more than ever before. Failing to understand and incorporate the impacts of increased global integration leaves disengaged investors vulnerable. Kingfisher, through its pioneering proprietary research and innovative investment strategies, has provided significant thought leadership in global investing for many years. We have helped define the macroeconomic investment landscape through our Gravity Investing™ framework, which observes and seeks to exploit trends in the global economic and social landscapes that may be leading to seemingly unavoidable and highly predictable outcomes. Over time, we anticipate a more balanced global economy, as technology and emerging consumption trends impact productivity and growth in developing economies, and demographic shifts alter the balance of power around the world.
Our research has contributed to participation and program development at organizations around the world including Global Water Intelligence, Shell Energy Innovation Forum, Envision Charlotte, and the Milken Institute. We have impacted investment policy development at many private investment funds and family offices. We launched the Aqueduct Fund in 2005², a first-of-its-kind investment fund focused on what we define as the water-energy-food nexus.
INVESTING WITH YOUR SOCIAL AND SUSTAINABLE PURPOSE
Kingfisher builds custom asset allocation models and bespoke investing solutions for select clients. We frequently help individuals and institutions articulate and implement investment mandates that focus on specific social or sustainability goals. Whether you have a detailed policy statement to implement or an investment theme you want to develop further, Kingfisher will work with you to create and manage an investment program that reflects your values and objectives.
[1] Kingfisher has been serving affluent families and institutions since our predecessor firm James M. Myers Research Inc. launched in 1989.
[2] The Aqueduct Fund was a private partnership for qualified investors and is no longer open to investors.