"What is a cynic? ... A man who knows the price of everything and the value of nothing."
Oscar Wilde, from lady windermere's fan (1893)


Our investment philosophy is centered around valuation: what value to attach to the uncertain cash flows that characterise each risky investment? This, and not the manic search for the ‘new Apple’, is for us the essence of equity investing.


The equity selection of Aphilion is supported by a set of in-house, proprietary, quantitative models developed by the managers themselves. The 'base' model is structured around a conceptually simple theoretical framework in which the price of a stock is determined by its expected cash-flows discounted at an appropriate rate.