All four founding partners of Legatum come from a long history of working in the investment and banking industries in different markets across the globe.

Immediately before establishing the company, Philip had worked together with Mark Stoleson and Alan McCormick at Sovereign Global, an investment firm founded by Christopher Chandler and his brother in 1986, that specialised in long-term value creation. Before that, Philip worked for the Government of Dubai and at Goldman Sachs.

Sovereign Global is recognised by many as having one of the best long-term track records in the investing world and was instrumental in establishing good governance principles in some of the embryonic financial markets of the time.

Legatum Capital’s investment strategy is relatively simple: it manages a very concentrated portfolio, typically consisting of between 5 to 10 high-quality businesses, holding positions which are “long only” and usually without significant debt. Our investment business is primarily focused in the public equity markets.

Investment decisions are made by looking at each opportunity and working to understand the intrinsic value of each business. The team places great emphasis on world-class leadership, organisational culture, robust competitive advantages, secular growth and free cash flow generation.

Success is evaluated by measuring growth in intrinsic value over years rather than share price performance over quarters. This has resulted in a portfolio with an average holding period of more than three years.