Fithian’s global investing strategy broadens our investable universe and enables us to analyze industries and businesses more comprehensively. In our experience, the best players in some industries are located outside of the United States. Further, some have no domestic equivalents. International firms with leadership positions may also benefit from family and foundation owners, whose interests are closely aligned with those of long-term investors and often result in firms with conservative financial structures and judicious executives empowered to manage for the long run.

Limiting an investable universe to domestic markets would preclude an investor from accessing many companies we consider to be leaders in their respective markets. Examples include Lindt (Switzerland) in chocolate, Hermès (France) and Richemont (Switzerland) in luxury goods, Fielmann (Germany) in eyewear, and Straumann (Switzerland) in dental supplies. As global investors, we are able to invest in what we view as high quality businesses without being constrained to certain domiciles.

To capture these opportunities, our investment team conducts research globally and benefits from its own diversity of composition. As the world continues to become ever more connected, we believe a global analytical framework is an essential component to successful investing.