Buxton Helmsley Endurance Fund, L.P.

Key Strategy Points

• Portfolio of approximately 20-30 high-quality businesses
• Focus on market leaders with durable competitive advantages
• Low turnover investment approach (multi-year holding periods)
• Global mandate across developed markets

Quality Focus

We seek businesses with superior returns on invested capital, robust competitive positions, and sustainable growth prospects that can compound value over many years.

• Rigorous assessment of competitive advantages and industry dynamics
• Focus on businesses with pricing power and capital-light business models
• Preference for companies with high ROIC and reinvestment opportunities
• Avoidance of capital-intensive, commoditized businesses

Valuation Discipline

Our valuation approach emphasizes long-term cash flow generation and returns on invested capital rather than short-term earnings multiples.

• Discounted cash flow analysis with conservative assumptions
• Multiple scenario analysis to forecast various business outcomes
• Assessment of normalized earnings power through cycles
• Patience to wait for attractive entry points

Risk Management

We define risk as permanent capital loss rather than short-term volatility. Our focus on high-quality businesses, balance sheet strength, and valuation discipline helps mitigate fundamental risk.

• Avoidance of excessive leverage at both company and portfolio level
• Diversification across industries and geographies
• Position sizing based on conviction and risk/reward characteristics
• Ongoing monitoring of thesis validation and risk factors