Growth

We believe that there will always be opportunities to equitably transform existing systems for the better, and have dedicated a significant proportion of this strategy to them since its inception in October 2021. 

Companies we’ve held in the past that fit into this theme include: 

• Nintendo (NTDOY) – A beloved designer of innovative, family-friendly video games with better-than-average labor practices.
• Mercadolibre (MELI) – The Latin American e-commerce marketplace built to enable local merchants to reach bigger markets.
• Duolingo (DUOL) – The only learning app that goes viral constantly, and creator of the disruptive Duolingo English Test.

The earth is a huge place, but the right infrastructure can make it feel like one global village. We believe that the uniquely long-term nature of these businesses can make them excellent investments, and have dedicated a portion of this portfolio to them since its inception.

Companies we have owned that typify this theme include: 

• Quanta Services (PWR) – Maintains and expands electric power infrastructure, taking many small steps towards a true smart grid.
• Badger Meter (BMI) – Builds water meters that send telemetry back to headquarters, improving water quality and reducing system cost. 
• Vinci SA – A global construction and engineering concern that builds and operates road, rail, ports, and other key assets.

So much progress hinges on the availability of loans. These banks are positively enmeshed in their surrounding societies. We avoid predatory banks in part by looking closely at these linkages. 

Companies we have owned that typify this theme include: 

• Farmer Mac (AGM) – America’s largest agricultural lender – Sloane wrote a piece about Farmer Mac explaining our thesis.
• Amalgamated Bank (AMAL) – A bank built by labor organizers that’s still at the forefront of social responsibility. 

Real estate is a vast industry that offers tremendous opportunity for impact. The real estate investments that interest us tend to be tied to a positive social system of some kind: whether they’re serving a local community directly or delivering on a practical industry need. 

Companies we’ve invested in that typify our thinking in this theme are: 

• Armada Hoffler (AHH) – A developer of mixed-use urban communities, primarily in Baltimore and Virginia City. 
• Alexandria Real Estate (ARE) – The leading provider of lab real estate is more like a launchpad that helps innovative biotech companies grow.