We believe patience pays off. New ways of doing things aren’t adopted simply because their time has come. It’s because entrepreneurs have a vision for the future, and long-term investors are prepared to provide the capital to turn that vision into reality. But shaping the future takes time, so our investment horizon stretches beyond most other investors.

This long-term time horizon aligns us with the companies that we invest in. It means that even through periods of short-term market volatility, we can remain focused on their vision of the future.

We know this version of long-termism is deeply unfashionable, but the sort of companies we wish to own – those that can deliver strong returns over the long term – do not materialise overnight.