Cedar Rock Capital

Cedar Rock Capital is an independent, employee-owned investment firm established in November 2002. The firm is dedicated to a single, longstanding investment process. Our clients include endowments, foundations, families and corporate pension funds. We are closed to new investors.

Buy and Hold Approach We pursue a long-only, buy-and-hold global equity strategy. We seek to minimise frictional costs and to defer capital gains by investing only in quoted companies that we believe capable of compounding in value indefinitely.

Investing in Quality and Value In selecting companies appropriate for long-term investment, we follow strict bottom-up criteria emphasizing quality, value and managerial character. We seek companies capable of sustaining high returns on capital without requiring financial leverage. We weigh companies' free cash flow yields against long-term interest rates to determine value. Our criteria are demanding and our portfolios tend to be concentrated in 20 companies, selected globally.

Absolute Returns We make no attempt to control volatility relative to any benchmark. We aim to achieve positive absolute returns over the long term, with a strong capital preservation bias.

Our Background Our Chief Executive and portfolio manager, Andy Brown, conceived and managed a similar investment strategy at Morgan Stanley Investment Management, starting in 1996.

For further information, please call or email us:

+44 (0) 20 7563 1100

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110 Wigmore Street
London W1U 3RW
United Kingdom
Tel: +44 (0) 20 7563 1100
Fax: +44 (0) 20 7563 1111

Issued by Cedar Rock Capital Ltd, authorised and regulated by the Financial Conduct Authority. This is not a financial promotion for any of Cedar Rock Capital's range of funds. This document is for eligible counterparties and professional clients. It is not designed for retail clients. This document is not designed for distribution other than by authorised representatives of Cedar Rock Capital. Investors should be aware that any investment within Cedar Rock Capital's range of products may fall as well as rise and they may not be able to get back their capital invested.

Registered Office: Cedar Rock Capital Limited, 20-22 Bedford Row, London WC1R 4JS
Registered in England No: 4466326
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