Listed equities, selected with discipline.
We build focused portfolios of businesses whose economics, competitive position, financial resilience and risks can be explained clearly before capital is committed.
Understand the business before watching the price.
Contim is not an index-hugger and does not hold positions that cannot be justified on request. Each company must pass a practical test: how does it make money, who does it compete with, and what would have to go wrong for the thesis to fail?
Daily market prices provide visibility, not instructions. We combine company research, valuation and portfolio construction with explicit position limits and a written reason for every holding.
- Focused rather than indiscriminate portfolios
- Position and sector limits set at the outset
- Liquidity assessed before entry, not only at exit
- Investment thesis monitored and updated
Six tests before a security earns a place.
Every test is applied in the context of the mandate, but no holding is exempt from the need for understandable economics and a defensible reason to own it.
| Screen | What we test | Why it matters |
|---|---|---|
| Business quality | Durable revenue, defensible positioning and a management record that can be checked. | A portfolio should own operating businesses, not unexplained price momentum. |
| Balance sheet | Debt that remains serviceable through a downturn, not only during favourable conditions. | Financial resilience protects the investment thesis when revenue or credit tightens. |
| Valuation | Price relative to earnings and assets, with an explicit view of what is paid for growth. | A strong company can still be a weak investment when purchased without valuation discipline. |
| Liquidity | Trading volume sufficient to enter or exit without materially moving the price against the portfolio. | The ability to sell must be assessed before the capital is committed. |
| Governance | Reporting quality, audit history and treatment of minority shareholders. | Governance determines whether reported value can be trusted and shared fairly. |
| Income | Dividend record and dividend cover where a mandate requires distributions. | Income must be supported by cash generation rather than an unsustainable payout. |
Conviction with boundaries.
Concentration can improve focus, but unmanaged concentration is how portfolios fail. Limits are decided before market emotion and enforced regardless of enthusiasm for an individual idea.
Position limits
A cap on each holding and sector is set from the outset and monitored as market prices move.
Sell discipline
We sell when the thesis breaks, valuation becomes stretched or another use of capital is demonstrably stronger.
Recorded rationale
The reason for each sale is recorded so turnover remains a decision rather than an activity target.
Activity is not a strategy.
- Trade merely to appear active when the underlying thesis has not changed.
- Ignore commissions, spreads, taxes or other frictions that reduce realised outcomes.
- Use leverage or derivatives unless they are expressly instructed and documented in a mandate.
- Hold any position that cannot be explained in plain terms during a direct client conversation.
- Present forecasts as promises or past performance as a guide to future returns.
Put the objective before the ticker.
Speak with Contim about the investment policy, liquidity needs, income requirements and reporting standards that should shape an equity portfolio.