At HOLD, we recognise that the most valued asset in the investment management business is human capital. By creating an intellectually stimulating environment that is accommodating to individual styles, HOLD has attracted, and continues to attract, individuals that are prepared to take on a challenge, strive to improve and take responsibility for their actions. To foster this attitude, HOLD operates in a partnership structure, with most of the portfolio managers and all of the senior managers being partners. The owners and senior management of the company have been either involved in the founding of HOLD or have joined at the early stages of its development. Individual ownership helps maintain commitment and constant improvement. It also allows us to attach a higher value to long-term performance and the conscientious management of risk both at business and at portfolio level. The partnership structure also keeps HOLD focused on considering the human component, which has underpinned its success to date.