ARR is an investment company that follows a value-led, high-conviction approach, typically holding between 12 and 20 investments. The company employs a deep research process to identify businesses that can deliver high returns on capital, often looking to out-of-favour areas of the market to find attractively valued shares.

In this interview John Hughman speaks to Gary Channon, founder and chief investment offer of Aurora’s manager Phoenix Asset Management Partners, about how his ‘Buffett epiphany’ led him to establish the company and influenced its investment philosophy; the importance of company management, and why meeting management only ever comes at the end of Aurora’s long research process; how understanding psychology is built into the investment approach; and why the company’s biggest mistake came from selling a share too soon.