Comus invests in equities globally and primarily focuses on 'deep-value' stocks in the Graham tradition. We search to find undervalued, overlooked, and mispriced public equities in various stock exchanges. We take advantage of price fluctuations to purchase individual public companies at prices below rational estimates of fair value. We seek to purchase companies at major discounts to net asset value, earning power and value to a private owner and at any given point we hold a relatively concentrated portfolio of around 15 positions. Nearly all of the companies that we own are profitable and trade at prices below net asset value. The majority of our holdings are in small-cap companies in foreign, developed markets.
We manage separate individual accounts for investors and investors hold the same stocks that the firm does. In this manner, we all own the same businesses and therefore view clients as partners in business, because they literally are. Given our current size and international focus, we are capable of investing in areas of global markets in which other institutions cannot and believe this, along with the background of the fund manager, provides us with a sustainable competitive advantage in seeking to continue delivering excess returns relative to the S&P 500.
Aaron J. Saunders is the owner and portfolio manager of Comus Investment, LLC. He graduated from Union College in NY with a bachelor of economics, and from the University of Leuven in Belgium with a master of business economics. He focused on microeconomics and international business strategy in his studies, and now applies that knowledge to the investments of this firm. He helped create a Belgian start-up called AcademicLabs and has experience as an industrial engineer with UPS.
His investment philosophy is based on the principles of Buffett, Graham, Munger, & Fisher who advocate a disciplined analysis of stocks as businesses and who advised wise investors to take advantage of market fluctuations to purchase such firms at low prices. Comus Investment is based on the principle that its clients are its partners and takes a long-term approach to capital allocation.
Aaron can be reached at email@example.com