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From an investment return perspective, traditional Value investing has had a difficult few years. This has manifested itself in a number of ways, in particular the loss of investment mindshare, notably in the UK market.

In spite of this, our view remains that Value is the most mighty investment approach, and that the recent period of reduced added value represents a generational opportunity to support the philosophical biases prevalent in this approach.

The purpose of this River and Mercantile Value sub-site is to Explain our interpretation of value investing and detail its long-term performance record, to Promote this approach to stock-picking at a time when it is out of favour, and to Communicate regularly on Value related ideas and opportunities.

It is important, however, that this site should be viewed in combination with our detailed UK Equity Philosophy and Process document (which provides a full description of our PVT approach) and our quarterly reports (which describe our current thoughts and investment ideas). It should also be noted that our broader UK Equity Investment Philosophy is not just about Value – we have learnt over the years that buying just cheapness is too narrow an approach - and the factors that we use to complement Value are Potential (the ability of a company to deliver an above-average increase in shareholder value) and Timing (using fundamental and quantitative techniques to determine whether the time is right for investment). But it is, of course, the Value gap, the "margin of safety", that determines the size of the investment anomaly and, therefore, the return that can be made.