Our Five Steps

1. Evaluate the quality of businesses utilizing the “Manitou Grade A” methodology. 2. Estimate the intrinsic (or true) value of each company that meets our quality criteria. 3. Rank the aggregate investment candidates on a risk-adjusted return basis. 4. Apply a consistent methodology to stock selection. 5. Construct portfolios in a disciplined manner by adhering to established risk protocols.

Clearly defined objectives

Our objectives are clearly defined and we measure success in three ways:

Absolute Return Objective



Minimum annual return of CPI + 7%, over three year rolling periods.

Relative to Benchmark Objective


Outperform stated benchmark over three year rolling periods.

Relative to Peers Objective



Performance in the top quartile of highly respected peer groups.

Achieving the relative measures is largely a consequence of achieving our absolute return objective.