Tideway carries out a thorough, fundamental, “bottom-up” and independent assessment of all potential investments.
Tideway favours investments in large, well-capitalised household name companies often in highly regulated industries such as insurance companies and utilities. We prefer companies who have long histories of engaging positively with stakeholders; employees, customers, bondholders and shareholders.
Tideway has experience in both credit and equity markets. We leverage our expertise to invest in the right part of the capital structure of different companies and can pick between debt and equity to find the best value for a given risk profile.
We have a particular preference for “hybrid capital”, a form of loan that falls between secure debt and equity. Typically with terms and conditions around the maturity date of the bond and with some ability for the issuer to defer or skip coupons, hybrid capital can offer equity like returns from a debt instrument with predictable returns and quantifiable risks.
Peter Doherty and Guillaume Desqueyroux on Tideway's investment process
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