2024’s brief moment of “American Exceptionalism”, the repudiation on “Liberation Day” of decades of global trade cooperation, the steady advance of populist political parties in Europe, and stalled cross-border merger and acquisition activity are only the latest examples of a steady retreat from globalization.

At TSW we define ourselves as a traditional value manager who seeks to identify stocks that trade at a discount to intrinsic value, with identifiable catalysts that are likely to close the valuation gap over a 2–3-year time frame, on average. We follow a consistent and repeatable fundamentally oriented process that has been time tested across a variety of market cycles.