KPIO is primarily the collective investment vehicle of the Partners in Kelly Partners Group Holdings Limited (ASX:KPG) operating businesses and, by invitation, a small number of clients of the KPG businesses and others.
KPIO is a high conviction broadly mandated manager operated from Sydney, Australia.
At KPIO our focus is on businesses that we understand and where we believe we possess unique insights often contrary to prevailing market sentiment.
KPIO believes that its long-term investment focus and the fact that the structure of all of our funds allows our management to be aligned to this long term horizon. This long term approach together with an appropriate long term structure makes us different. What we call, ‘long term in a short term world’.
Our Investment Philosophy
1. Don't lose moneyWe see capital perseveration as our fundamental first role.
2. Long-term compound growthWe aim to deliver superior investment returns by taking a long term view, choosing to invest in the world's best businesses at times where we see a discount to intrinsic value.
3. ConcentrationOur approach is to work to find outstanding businesses, the world's best. By definition there will never be many investments that meet our exacting standards and where the valuation allows us to take a position. As a result, we expect to have a concentrated portfolio.
4. DisagreeableWe look to opportunities unappreciated by prevailing consensus. Differentiated returns come from being intelligently different.
Long term alignment of Interests
Long term thinking and behaviour together with alignment of interests is critical to long term superior investment performance. As a result, KPIO is structured to ensure our investors can see these ideas built into the structure of our operations as follows:
- All funds will be closed ended with a minimum period of 10 years or listed
- The entire investment team invests a material proportion of their net worth in KPIO and KPIO funds
- KPIO team members are not permitted to purchase securities outside of KPIO and KPIO funds
- KPIO meets establishment costs of all KPIO funds