Ampersand Asset Management has been operating as a discretionary Financial Services Provider since 2008. Ampersand manages over R6 billion in assets with a sustainable performance track record across several local and international, retail and institutional portfolios. We adopt a more prudent and conservative view to investing, with a focus on long-term returns at reduced risk. To us, the ampersand (“&”) conjures impressions of Partnership. This speaks to Ampersand’s objective of partnering with best-of-breed managers as well as with each of our clients in implementing an investment solution most suitable to each client’s specific requirements. Our Philosophy: NEVER LOSE MONEY Real wealth is created through consistency and by avoiding permanent value destruction. DIVERSIFICATION IS THE ONLY “FREE LUNCH” The probability of achieving consistent returns will be significantly enhanced through effective diversification. IT’S ALL ABOUT VALUATION Thirdly, encompassed in our search for consistent returns, is a disciplined focus on asset class valuation in the context of prevailing market conditions. MARKETS CHANGE CONTINUOUSLY, WHICH MAKES PERSPECTIVE CRITICAL In our drive to better understand volatility in markets, we subscribe to the Adaptive Market Hypothesis (“AMH”) which attempts to reconcile economic theories based on the Efficient Market Hypothesis with behavioural economics. CONVENTIONAL WISDOM DOES NOT EXIST – INDEPENDENT THINKING IS REQUIRED Conventional thinking, we believe, is one of the largest contributors to significant value destruction, as logical thinking becomes overruled by emotion and “herd” mentality.