Massachusetts Water Resources Authority (“MWRA”) Employees’ Retirement System
How We Define Great Businesses
We are focused on owning businesses that
share the following characteristics:
PREDICTABLE GROWTH
Predictable and growing streams of cash earnings with annual earnings
growth typically in excess of 10%.
HIGH ROICS
High or rapidly improving returns on invested capital.
EXPANDING BARRIERS TO COMPETITION
Consistent share gainers that increase their franchise values and distance
themselves meaningfully from competitors.
CLEAN BALANCE SHEETS
Businesses with little debt or the clear ability to reduce debt rapidly.
OUTSTANDING CULTURES
Companies with excellent cultures that wow their customers.
STRONG LEADERSHIP
Management teams that we believe to be ethical, outstanding operators and
good stewards of capital.
We seek companies exhibiting
the 5Ps:
The industry PIE is grow
Company's PIECE OF THE PIE
(market share) is growing
Company has
PRICING POWER
Business has a high level of
PREDICTABILITY
Company is managed by PEOPLE
who have created a culture of
excellence
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