On 1 April 2022, FAV’s manager, Nitin Bajaj, joined Hardman & Co for a wide-ranging Q&A session, which we review in this note. It gives investors a detailed insight into his investing approach as well as the current portfolio. The trust’s key characteristics are buying good businesses (defined as having products that customers want to buy, earning high ROE, with honest and competent people), bought at good prices (defined as offering a margin of safety), and these themes ran through the session. These traits mean that ESG is embedded as a good business practice, not a marketing slogan, and regulatory risk should be below average. Buybacks have also re-commenced.
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