The Saga Portfolio is a fundamental, long-only, public equity investment strategy. Its goal is to provide returns above the general market over the long-term. Saga takes a long-term horizon when investing, looking for high-quality companies selling below intrinsic value.
Companies are selected based on four main criteria:
1. Do we understand the company and will it be around and thriving in 10+ years?
2. Is the company building a durable competitive advantage?
3. Is management high caliber and aligned with shareholders?
4. Does the current price provide an attractive return if the company is owned for 10+ years?
Good opportunities are difficult to find, so if a company meets all four criteria, the Portfolio will take fairly concentrated positions in its highest conviction ideas, typically holding ~10 companies.
The best way to learn more about the Saga Portfolio investment strategy is to read past quarterly investor letters.