Ben Dalling

Functions as a College/University

Provides personal financial services

Acorn Capital is a fundamental-oriented manager which seeks to generate long-term outperformance through its distinctive research and investment capabilities and to identify attractive opportunities in less efficient markets. They target the management of small to emerging company portfolios for clients. The firm's investment philosophy is based on its belief that there are pricing inefficiencies amongst Emerging Companies due to a lack of readily available external research conducted on such entities. They believe that through a research driven investment process the inefficiencies that exist in Emerging Companies can be exploited to earn superior returns.

Provides margin lending and equity finance services

Provides brokerage services

Functions as a College/University

CMIL is an active real estate securities manager which employs a top-down and bottom-up research and analysis approach to select investments with the aim of delivering a projected rate of return above that of listed real estate trusts. The firm uses a four-step investment approach to select listed infrastructure securities, first using cash flow and market intelligence from numerous sources to screen ideas. They then examine the company's business including monopoly status and customer base, pricing power, operating margins, volatility of cash flows and probability of distributions. Then the firm performs fundamental analysis and valuation, developing a report on the key financial and qualitative aspects for the remaining securities. CMIL uses a three-step process to select and manage unlisted infrastructure assets, first looking at geography, quality of asset, potential yield, quality of management and the competitive environment. Deals that get through the first phase are then subject to investigation by a multidisciplinary team, which looks at tax, structure, legal issues, financial modeling and comprehensive market and asset-specific information. Finally, a dedicated asset manager is assigned to each project and reports back to the portfolio manager with regular updates on all key issues. The final portfolio reflects the outcome of the firm's fundamental security and asset selection process by the listed infrastructure securities and unlisted infrastructure asset teams. Asset allocation is determined by the portfolio manager.