Portfolio
Legatum Capital

Legatum Capital invests in listed and private businesses with a focus on the consumer, technology and finance sectors.

Legatum Capital: part of the Legatum Portfolio
Portfolio
Legatum Capital

Legatum Capital invests in listed and private businesses with a focus on the consumer, technology and finance sectors.

Legatum Capital: part of the Legatum Portfolio
Overview

Legatum Capital invests in well-run businesses across a range of sectors, primarily focusing on consumer, technology and financial services.

The core of Legatum's investment strategy centres around allocating proprietary capital into a concentrated portfolio of businesses that is expected to deliver value over the long-term.

Led by Philip Vassiliou, CIO and Partner at Legatum, the team’s investment decisions are geographically agnostic, but the majority of the portfolio is currently centered in China, India and other countries which have experienced robust structural growth in recent times.

Background

All four founding partners of Legatum come from a long history of working in the investment and banking industries in different markets across the globe.

Immediately before establishing the company, Philip had worked together with Mark Stoleson and Alan McCormick at Sovereign Global, an investment firm founded by Christopher Chandler and his brother in 1986, that specialised in long-term value creation. Before that, Philip worked for the Government of Dubai and at Goldman Sachs.

Sovereign Global is recognised by many as having one of the best long-term track records in the investing world and was instrumental in establishing good governance principles in some of the embryonic financial markets of the time.

Approach

Legatum Capital’s investment strategy is relatively simple: it manages a very concentrated portfolio, typically consisting of between 5 to 10 high-quality businesses, holding positions which are “long only” and usually without significant debt. Our investment business is primarily focused in the public equity markets.

Investment decisions are made by looking at each opportunity and working to understand the intrinsic value of each business. The team places great emphasis on world-class leadership, organisational culture, robust competitive advantages, secular growth and free cash flow generation.

Success is evaluated by measuring growth in intrinsic value over years rather than share price performance over quarters. This has resulted in a portfolio with an average holding period of more than three years.

Legatum Philip Vassiliou
Philip Vassiliou
Chief Investment Officer and Partner
Philip is the Chief Investment Officer and a Partner of Legatum.
Trailblazers

Legatum's predecessor, Sovereign Global, was among the first significant foreign public equity investors in Brazil, Russia and South Korea.

Legatum's Approach: Our Principles
Approach
Principles
Our principles have been shaped over decades and will continue to evolve with our experience and the changing landscape in which we are operating
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