The two longest standing analyst/PMs have worked together at Snyder for 14 years and were joined by two additional senior (and one junior) analysts over the last 10 years. The team has both significant financial and direct practical industry management experience. The philosophy is centred around ‘relative value’ and exploiting the market’s misperception of company strength. The team looks to buy companies trading at substantial discounts to intrinsic value, typically a result of company or sector related noise, that will typically exhibit structurally high margins and high normalised free cash flow yields. There is a clear focus on valuation, although the team do not use the traditional low statistical (P/B, P/E) starting point to identify companies.