Central to the Quest investment process is the assessment of business quality. We are attracted to companies that can sustain above average returns on capital employed. In our experience, companies that can maintain high returns on capital are rare and become highly desirable. Inversely, those with low, erratic or unsustainable returns are less desirable.

Consideration of Environmental, Social and Governance (“ESG”) factors are important inputs into our assessment of business quality. We consider any environmental, social or governance issue that can materially impact the sustainability of an investee company. These inputs are also likely to impact our valuation of a company, reflecting our evaluation of the risks inherent in each business.