What has to be true before an opportunity becomes an ICSA investment.
A capable, committed management team with a demonstrated ability to execute on a long-term plan.
A defensible position — not a business that wins on price alone.
Genuine room to grow over years, within a business and sector we can understand with conviction.
A business with sustainable economics and the capacity to generate cash over time, rather than one permanently dependent on external capital.
Governance structures and decision-making standards consistent with responsible ownership, with scope for constructive engagement where our ownership position provides influence.
A sector with durable, structural demand and relevance to long-term economic activity, with particular attention to opportunities connected to South Africa's growth.
Alignment with ICSA's investment thesis, long-term objectives and The ICSA Way.