Our business model is founded upon our values. We do not follow a trading approach to our strategic investment portfolio. Once we are invested in a business, we will evaluate every opportunity for follow-on investment. We invest to hold, but will dispose of investments once they no longer match our Investment Philosophy. We prefer investing in unlisted businesses. Unlisted investments will always constitute at least 80% of NAV. We prefer meaningful interests (>2%) in smaller listed businesses. We seek representation on the boards in such instances. Our interests in unlisted businesses should enable significant influence. This we believe is achieved through large minority interests (>15%), but only alongside founder management and reputable anchor investors of character. We will always have board representation where we are invested in unlisted businesses. Our investments may be viewed as small in relative percentage terms, but we count on our investment selection process, board representation and shareholder agreements to influence performance. We avoid investing in start-ups. Instead we prefer to invest earlier in the development cycle of businesses yet to mature. We also do not invest in loss-making businesses.

FIH invests fully to avoid cash drag. When relevant though, we have a secondary investment focus, whereby excess liquidity is invested in cash or near cash. Here we avoid maturity cycles in excess of 18 months. Near cash investment classes involve holdings of bonds, short term investments, debt instruments, fund participation or portfolio bridging advances.