CEDAR ROCK CAPITAL LTD

Cedar Rock Capital LTD is an investment management firm based out of London, United Kingdom. The company was established by Nicholas Tingley and Andrew Clemmer Brown, who is still with the company today acting as its portfolio manager and CEO. Cedar Rock Capital has remained relatively small, currently operating with just 6 employees of which 2 are investment professionals. The company utilizes a fundamental methodology with a bottom up investment approach, allocating its assets in the public equity markets on a global scale. Cedar Rock Capital’s investment philosophy focuses on a “long-only, buy-and-hold global equity strategy,” minimizing frictional costs and deferring capital gains. The company invests most heavily in the consumer staples sector, which alone makes up over three quarters of its total asset allocations, and also invests in the information technology, health care, and consumer discretionary sectors, in order of decreasing allocation. Cedar Rock Capital’s top 10 holdings together make up all of its holdings and its top holdings include Philip Morris International Inc., Dr. Pepper Snapple Group Inc., Proctor & Gamble Company, Automatic Data Processing, Clorox Co., Express Scripts Inc., and Dominos Pizza Inc., with its top 2 holdings each making up approximately a quarter of its total asset allocations, in order of decreasing allocation. Cedar Rock Capital holds over $10.9 billion in total assets under management spread across 12 accounts, all of which are discretionary. Although its total number of accounts has been decreasing in recent years, its total assets under management has been on an upwards trend, growing significantly from $4.6 billion back in 2010 to well over twice that amount today. Cedar Rock Capital mainly caters to other client types, which includes foundations, endowments, and private companies, and also provides services to pension and profit sharing plans and pooled investment vehicles to a lesser degree.