Teviot focusses on identifying companies trading below their intrinsic value. Among the smallest companies, this is often because the inherent qualities of the business are undiscovered or overlooked.
In other value opportunities, there is often an addressable factor that has undermined The Market’s perception of the company. This presents an opportunity for the long-term investor to capture value as challenges are addressed and perception improves.
Value can present itself in many guises. The key is to be challenging, open-minded and contrarian. Teviot focusses on value, not cheapness.