The enlargement of the EU continues to present an exceptional investment opportunity analogous to the accession of Spain and Portugal to the EU in 1986. We have developed a disciplined investment strategy based on the following approach:

• We analyze investment opportunities in a European context
• We identify opportunities in non-tradable sectors
• We only take control positions
• We align management through the granting of options or the sale of discounted shares 

The core of Royalton Partners' strategy is to focus on non-tradable sectors. Businesses in these sectors primarily service local markets and are not as exposed to international trade. Consequently, these sectors are relatively immune from international competition, benefit from increased pricing power as price levels in the Investment Region converge with price levels in the EU generally, and gain as these sectors grow to a size relative to the local economy (as a percentage of GDP) comparable to their Western European counterparts.

Examples of those sectors are financial services, media, education, retailing, green energy, transportation, telecommunications and retail.