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Why Discovery
We established Discovery with one mission: outstanding investment performance.
Whilst returns are never guaranteed, we’ve designed Discovery with right foundations for success: focus, expertise, alignment.
One fund, one focus. All our best ideas in a new, nimble fund. Capacity is strictly limited to ensure the focus remains on performance.
Experts in Australasian equities. Leveraging over 20 years combined experience and the competitive drive of two founders to outperform.
Alignment is the key to success in any endeavour. Mark and Chris have virtually their entire liquid networth in one place: the Discovery Founders' Fund.
Our Process
We’re passionate about the Discovery Process because we know that in the long term, process equals performance.
The Discovery Process is based on four pillars:
Exclusion List: What you don’t invest in is just as important as what you do. We begin with an Exclusion List which aims to eliminate companies which lack financial strength. We then turn our attention to the upside.
Returns: We seek to invest in companies that can consistently earn high returns on capital and reinvest that capital. Experience has taught us that these types of companies share four characteristics: Potential, Predictability, People and Profitability.
We seek an internal rate of return on our investments of at least 15% p.a. This means an investment must have the potential to double within three to five years of the initial investment.
Superior returns require superior portfolio management. We break this down between construction and optimisation. We seek to hold a handful of positions which have earned their position through performance. Positions are sized relative to their Discovery company categorisation within a framework which aims to ensure diversification at the portfolio level. The portfolio is continuously optimised to achieve the highest risk adjusted return.
Portfolio concentration is paired with a rigorous approach to risk management. The portfolio is managed within clear risk parameters at both the stock and portfolio level with a disciplined framework which aims to minimise drawdowns and protect capital.
Our Team
Chris Bainbridge is a founder of Discovery and a Portfolio Manager of the Discovery Founders’ Fund. Chris has 10 years’ experience in financial markets, most recently as the Head of Australasian Equities at Pie Funds and the Portfolio Manager of the Growth 2 Fund and Co-Portfolio Manager of the Emerging Companies Fund.
Prior to joining Pie Funds in 2012, Chris worked as a lawyer at Freshfields Bruckhaus Deringer LLP in the Banking and Finance team.
Chris has a Law and Arts (Hons) degree from the University of Auckland and is a CFA charterholder.
Chris Bainbridge is a founder of Discovery and a Portfolio Manager of the Discovery Founders’ Fund. Chris has 10 years’ experience in financial markets, most recently as the Head of Australasian Equities at Pie Funds and the Portfolio Manager of the Growth 2 Fund and Co-Portfolio Manager of the Emerging Companies Fund.
Prior to joining Pie Funds in 2012, Chris worked as a lawyer at Freshfields Bruckhaus Deringer LLP in the Banking and Finance team.
Chris has a Law and Arts (Hons) degree from the University of Auckland and is a CFA charterholder.
Mark Devcich is a founder of Discovery and a Portfolio Manager of the Discovery Founders’ Fund. Mark has 12 years’ experience in financial markets, most recently as the Chief Investment Officer of Pie Funds and Portfolio Manager of multiple products including the Emerging Companies Fund since inception.
Prior to joining Pie Funds in 2010, Mark worked at Pricewaterhouse Coopers in both the Financial Assurance and M&A taxation divisions.
Mark has a Commerce and Law degree from the University of Auckland, is a CFA charterholder and a qualified chartered accountant.
Mark Devcich is a founder of Discovery and a Portfolio Manager of the Discovery Founders’ Fund. Mark has 12 years’ experience in financial markets, most recently as the Chief Investment Officer of Pie Funds and Portfolio Manager of multiple products including the Emerging Companies Fund since inception.
Prior to joining Pie Funds in 2010, Mark worked at Pricewaterhouse Coopers in both the Financial Assurance and M&A taxation divisions.
Mark has a Commerce and Law degree from the University of Auckland, is a CFA charterholder and a qualified chartered accountant.
Values
We succeed as a team. Every person counts.
A passion for investing coupled with a prodigious ethic to learn and improve. If we master the Discovery Process, we’ll achieve the performance.
Self aware, open and candid. We will be transparent in our reporting, frequent in our communication and accessible.
There are no external shareholders. That means we serve one master: investors. Discovery will be managed by investors, for investors.
ESG Principles
We believe that good Environmental, Social and Corporate Governance (ESG) management is good business.
We believe in a principles-based approach, not a box ticking approach to ESG. That means we seek the presence of positive action, not just the absence of bad behaviour.
We ensure that there are no ESG issues in the initial assessment of a company which would preclude it from our investment universe. We exclude companies which have a direct involvement in what we consider “sin activities” (weapons capable of mass killing, tobacco, violation of animal rights, human rights violations, unremediated destruction to the environment).
By clicking accept below, you confirm that you understand that the Discovery Founders’ Fund is a Wholesale Offer as defined in the Financial Markets Conduct Act 2013. This means that it is not open to retail investors.
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