Pantheon analyzes a spectrum of opportunities. We are not constrained by a style box or market cap restrictions. We search for attractively valued securities (including fixed income and international equities) that can produce a capital appreciation and a growing stream of income. Our tendencies lead us to primarily larger capitalization companies that pay a dividend. Nonetheless, we would not ignore opportunities in companies that offer the potential for future initiation of dividends.
Pantheon uses fundamental analysis and a consistent process to drive returns as we look for high-quality businesses with high-quality management teams, diversified global businesses, durable brands, and which are trading at a discount to our intrinsic value calculations. Quality characteristics typically include: Larger Market Capitalization, Lower Beta, Stable Earnings and Dividend Growth, High/Stable Return on Equity (ROE), Low Leverage, Superior Balance Sheets, “Annuity” Revenue Stream, and Stable Investor Bases. These companies typically have Free Cash Flow Flexibility long-term.