At today’s Ben Graham Centre’s 2025 Value Investing Conference in Toronto, Desmond Kingsford, Founder and Portfolio Manager of Highwood Value Partners, delivered a pitch titled “Fishing Where the Fish Are.” Kingsford went through practical deep dive into where the best equity opportunities have historically been found—and, just as importantly, where they haven’t.
The Mission: Find the Trophy Fish
Kingsford began by outlining his investing mission at Highwood: to turn every dollar of investor capital into five dollars over a ten-year period—implying a roughly 17.5% IRR. Every investment they make is underwritten to a five-year, 20% IRR in a conservative base case.
The portfolio itself is split between two types...
