KNA Capital's investment philosophy is built on patiently owning exceptional businesses. We focus on identifying companies that possess three critical attributes:

1. Durable Competitive Advantages: Often referred to as "economic moats," these are structural features that protect a company's profitability from competition.

2. Thoughtful Stewardship: Companies led by management teams with a proven track record of acting in the best interest of all shareholders.

3. Attractive Valuation: The company's stock is available for purchase at a price that offers a margin of safety and potential for significant long-term appreciation.

Few businesses meet all three of these stringent criteria simultaneously. Our discipline in requiring each attribute sets a high bar for inclusion in the KNA Core Equity strategy. This selective approach dramatically narrows the vast universe of stocks, allowing us to concentrate our research efforts and develop a deep, owner-level understanding of each company in our portfolio.

We firmly believe that owning a stock means owning a share of a real business, not just trading a ticker symbol. This fundamental view drives our commitment to thorough, fundamental analysis, aiming to understand each of our companies as a dedicated business owner would.