The main aim of the fund is to protect investor’s capital. Performance is driven by the strategic allocation and stock selection. There is a strong preference for investing in companies that can generate steady cash flow profiles. This means Sebastian will tend to avoid ‘fashionable’ areas of the market where company products and services are not well tested and seasoned. The stability of his companies allow the investment to compound in value slowly over time. When market valuations becomes stretched, Sebastian will make use of alternative asset classes such as government bonds, gold or indeed cash to provide a degree of downside protection.