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About Us

Constantia Investment Partners is an independently-owned fund manager, running a single global equities strategy.  

With a proven track record of solid returns, our focus is on building your wealth so your focus can be on enjoying your life.

We look for exceptional businesses, run by exceptional people, at the right price.

We believe this will deliver outperformance over the long term.

Exceptional Businesses

Highly profitable business that are generating excess cash.

Opportunity to Grow

Opportunity to reinvest excess cash for sustainable growth.

Exceptional Management

People who think and behave like owners.

Our Difference

We are true investors who think in years, not months. We build portfolios that endure, backing exceptional companies for the long term to make money for our partners.


Insights

Scoring Along the Ground

After a brief service disruption during April, the AI-led market rally returned in force during the month of May. In combination, the Magnificent 7 group of AI-winners contributed roughly +1.5% to the overall market return of +2.0%. Said differently, just seven stocks accounted for around 75% of the market return this month (and one stock alone for about 40%). In terms of the market structure driving returns, this was an exceedingly lopsided month. Our approach to this kind of market is to focus on the bottom-up. Given their somewhat tortoise-like growth rates in cash earnings (a 'mere' 12 to 15% per year, by our forecasts) when compared to some of the AI-winners haring ahead, we are not particularly surprised to see a few of our businesses being somewhat out of fashion while many market participants aggressively look to buy the Next Big Winner. For the avoidance of doubt, we would take a highly reliable double-digit growth in cash earnings over a more speculative, higher-growth opportunity any day of the week. The durable growth of the former is our wheelhouse, whilst the allure of rapid growth and multiple expansion of the latter is a game we do not believe we can reliably play and win.

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Constantia Investment Partners - 2023 Annual Letter

2023 was another strange year in markets. The prevailing mood at the end of 2022 was decidedly downbeat, and countless market participants were waiting for ‘something to break’ due to higher interest rates.

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