Independent Franchise Partners, LLP was established in 2009 to offer the Franchise investment approach to institutional investors through a dedicated, independent investment management partnership. The Franchise investment approach is based on the understanding that a concentrated portfolio of exceptionally high quality companies, whose primary competitive advantage is supported by a dominant intangible asset, will earn attractive long-term returns with less than average volatility. This is particularly true when those investments are selected with an absolute value bias. The Franchise strategy is available in a Global equity product, a Global equity product that excludes tobacco companies, and a US equity product.