From our Fund Manager’s Desk

A fresh perspective on moats and disruption

Quality investing for the Melville Douglas Global Equity Fund has always been defined by seeking out companies with sustainable competitive advantages. These advantages allow a business to compound value over time, earning superior returns by raising prices, gaining market share, or both. The presence of such an advantage, often referred to as an economic moat, is one of the most reliable indicators of long‑term shareholder returns.