The Eldred Rock U.S. Value strategy seeks to own high-quality businesses selling below intrinsic value. We define quality as having a proven business model that generates attractive profits over a business cycle. We focus on companies that possess an identifiable competitive advantage, or moat, protecting future cash-flows from competitors or in an economic downturn. By acquiring businesses below a conservative estimate of fair value we are further insulated as investors- mitigating the risk of permanent loss of capital.

Portfolio holdings are either domiciled or earn most of their revenue in the United States. This concentrated portfolio holds 15 to 20 of our best ideas and our long-term low turnover approach has proven to be highly tax efficient.