Phoenix Asset Management Partners Limited was formed in 1998. We are an investment management firm specialising in making long-term, value-based investments based upon our own detailed research. We manage the Phoenix UK Fund as well as a number of segregated accounts for UK pension schemes. Our investment goals are capital preservation and excellent long-term returns. We are value investors and our investment approach is principally inspired by the teachings of Warren Buffett, Charlie Munger, Benjamin Graham and Phillip Fisher. We are looking to buy great businesses with strong pricing power, run by honest, competent and shareholder-aligned managements, purchased at times when they are available at attractive prices which offer us at least a 100% upside to our analysis of the company’s fundamental value as well as no worse than our money back in a downside scenario. You can find out much more about our approach on our website. We aim to conduct ourselves with the highest levels of integrity in all that we do and to treat others as we would like to be treated. We aim to be open and honest. We will tell you what we plan to do, are doing and how we have done. We write a frank quarterly report detailing what we have been up to and why. If we get things wrong or make mistakes, we tell you. Please take a look at our past reports which we have been publishing since 1998 to judge for yourself. Once a year we host a meeting where we report to you and answer your questions. For more information, please see our website: www.pamp.co.uk