Investment Process

Tura Capital seeks to create wealth for investors over the medium to long term.

Quality companies

Eight factor 'Quality Lens' assessment

Attractive valuations

Exploit mispriced opportunities

Concentrated but diversified

Typically 25-45 holdings


High active share

The Tura Capital investment team are fundamental, long-only investors, focused on quality global small and mid cap companies (SMID). Quality companies are well placed to deliver strong investment returns through economic cycles. A concentrated portfolio of quality companies enhances the opportunity for outperformance.

Investment Philosophy


  • Active management is critical in global small and mid cap companies (SMID)
  • Quality businesses generate higher return on invested capital (ROIC) which can be reinvested to drive sustainable growth
  • Quality businesses outperform through the cycle, but the purchase price matters
  • ESG contributes to a company’s quality characteristics 
  • Portfolio risk management is crucial


Quality defined

  • Superior industry structure
  • Sustainable and/or increasing competitive advantage
  • Low earnings risk
  • Low ESG risk

ESG Risk reflects ranking of ISS Performance Scores within Tura Capital’s investment universe.

Sustainable Quality
De-rated Quality
Improving Quality
Tura Capital's transparent investment process

The Tura Capital investment process has been designed to be disciplined and transparent.

It utilises a proprietary process to screen the large universe of global small and mid cap companies for quality characteristics.

The Tura Capital team then prioritise the highest quality opportunities for deep dive fundamental research.

The outcome is a concentrated portfolio of typically 25 to 45 high quality companies trading at reasonable valuations.

Tura Capital’s transparent investment process


Quality Lens

Tura Capital’s company research process is structured around our proprietary Tura Capital quality lens. The quality lens combines financial data with deep fundamental research, to identify high quality global small and mid cap comnpanies.

Balance sheet
  • Gearing and leverage
  • Interest cover
  • ESG performance score
  • Governance focus
  • Financial impact of environmental and social issues
  • Tura Capital utilises ISS ESG Corporate Rating scores.
  • ESG is weighted at 15% in Tura’s quality screen.
  • ROE, ROA and ROIC
  • Trend in returns
  • EBITDA and net profit margins
  • Trend in margins
Earnings quality
  • Free cash flow conversion
  • Predictability of cash flows
Industry quality
  • Industry growth rate
  • Porter analysis
Company competitive advantage
  • Product
  • Strategy
  • Capital
  • Management and incentives
  • Earnings risk
  • Balance sheet risk
  • Agency risk