Aurora Investment Trust is managed with a concentrated portfolio of between 12 and 20 investments, all listed in London. The managers describe themselves as long-term value investors. They say that they look for businesses that make high and enduring returns on their capital. Their management teams must be trustworthy. And they also say that they must be patient, waiting for opportunities to buy shares at attractive prices.
The manager says its investment philosophy is inspired by Warren Buffet and Charlie Munger (of Berkshire Hathaway fame). It describes its investment approach here. There is no annual management fee but the manager can earn performance fees – a third of returns in excess of the All-Share Index.
You can access the fund’s website here