OLD Bridge AIF

A Portfolio which concentrates on identifying businesses early into a cycle

Key Attributes

Type of Fund: An open-ended, Category III, Alternative Investment Fund ended

Portfolio Construct: A portfolio of ~20 companies which meet the criteria of capital efficiency, low leverage and low valuation

Investment Style: Portfolio built around mid & small cap companies

Fund Manager Name: Mr Kenneth Andrade

Fund Manager Experience: Total Exp – 25+ Years, Founded Old Bridge in 2015

Investment Objective

The investment objective is to identify companies that would demonstrate leadership skills and have financial discipline. The endeavor would be to look for companies in industries that are consolidating

Investment Philosophy

Monopolistic/Consolidators of the Industry
• Preference for consolidating businesses
• Companies gaining market share with no change in capital employed
• Companies with lowest cost in their industry
• Leaders at the end of consolidating cycle Leaders at the end of consolidating cycle Leaders at the end of consolidating cycle Leaders at the end of consolidating cycle Leaders at the end of consolidating cycle usually end up with higher market share and pricing power

Capital Efficient Business
• Companies that migrate upwards from a low RoE
• Look for capital employed to be controlled
• Cash flow positive nature of the business with low gearing

Low Financial Leverage
• Companies with negligible debt
• Businesses leveraging into an economic up -cycle & deleveraging at the top of cycle

Low Valuations
• “Out of favour” businesses where current value of the stock reflects its depressed earnings
• EV / Sales
• Market Cap / Cash Profit (Flows)

Don’t Just Invest. Make an Informed Decision.