Loh-Gronager Partners

Please read these Terms of Use (the “Terms”) carefully before proceeding as they explain certain restrictions imposed by law on the distribution of the information on this website –www.LohGronagerPartners.com - and the investor portal available therein (the “Website”).

1. Loh-Gronager Partners Ltd

1.1 The Website is operated and issued by Loh-Gronager Partners Ltd (“LG Partners” or the “Company”, “we”, or “us”) which is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”) (Reference Number: 956608). You can gain access to the FCA's rules and guidance notes from the following link: www.fca.org.uk

1.2 LG Partners is a limited liability company registered in England (Company Number: 13519621), with its principal business address at 23 Berkeley Square, Mayfair, London W1J 6HE and its registered office at 23 Berkeley Square, Mayfair, London W1J 6HE.

1.3 General enquiries about this Website should be sent to moc.srentraPreganorGhoL@ofni. Enquiries about investments in any LG Partners managed product should be sent to moc.srentraPreganorGhoL@ri

2. These Terms

2.1 These Terms set out the terms on which you may use this Website, and apply to all pages, even where they are not individually disclaimed. These Terms also incorporate our Cookies Policy and Privacy Notice (please refer to paragraph 3 below) and all other policies and procedures that we may publish from time to time on this Website. Each of these is incorporated by reference and may be updated from time to time without notice.

2.2 By using this Website, you confirm that you accept these Terms, and that you will comply with them. If you do not agree to these Terms, you are not permitted use this Website.

3. Cookies and Privacy

3.1 This Website uses cookies. By continuing to use this Website you are giving consent to cookies being used. For information on cookies and how you can disable them, please visit our

3.2 For information on how LG Partners uses certain other types of personal data, please refer to our

4. The Financial Reporting Council’s Stewardship Code

4.1 Under the rules of the FCA Handbook, LG Partners is required to include on this Website a disclosure about the nature of its commitment to the UK Financial Reporting Council's Stewardship Code (the “Stewardship Code”) or, where it does not commit to the Stewardship Code, its alternative investment strategy.

4.2 LG Partners’ Stewardship Code disclosure statement is available on this Website at the following link:

5. Intended Audience of the Website

5.1 This Website is directed only at persons who are professional investors (for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”)) (“Professional Investors”); professional clients or eligible counterparties (for the purposes of the Markets in Financial Instruments Directive (Directive 2004/39/EC) (“MiFID”)) (“Professional Clients” or “Eligible Counterparties”); or as otherwise defined under applicable local regulations and at whom this site and the information on it may lawfully be directed in any relevant jurisdiction. Please contact us at moc.srentraPreganorGhoL@ofni if you require any further information on your status.

5.2 By accepting these Terms, you hereby certify that you are a Professional Investor, a Professional Client or an Eligible Counterparty.

5.3 It is your responsibility to inform yourself, and to comply with, all relevant legal or regulatory requirements of any jurisdiction of which you are a citizen, in which you are resident, or in which you are accessing this Website which may affect your eligibility to access the Website or subscribe to any investment services that LG Partners offers. In particular, it may be illegal to view and/or download the information contained on this Website in certain countries and we disclaim all responsibility if you access or download any information from this Website in breach of any law or regulation of the country in which you are a citizen, or in which you are resident or domiciled.

5.4 The services, funds, and products described on this Website are not available in all countries or to all investors. As such, this Website and the information on it are not addressed to any person resident in the territory or country or jurisdiction where such distribution would be contrary to local law or regulation. Some funds are not available, and offering materials relating to them will not be distributed, to persons resident in any country where such distribution would be contrary to local law or regulation.

5.5 Any person subscribing for an investment, product, or service referred to on this Website must be able to bear the risks involved with such investment, product, or service, and must meet the applicable suitability requirements relating to such investment, product or service. Some or all investment programs offered by LG Partners may not be suitable for certain investors.

5.6 If you are not clear about the meaning of anything on this Website or other information provided by LG Partners, you should seek professional advice.

6. Right to Deny Access

6.1 LG Partners reserves the right to deny you access to this Website. We may immediately suspend or terminate your access to this Website or disable any username or password (whether chosen by you or allocated to you by us), at any time, and at our sole discretion.

6.2 We may have reason to update the Website from time to time, though we are not under any obligation to do so. We may update or remove information from the Website without notice. From time to time, we may restrict or suspend access to some parts of the Website, or the entire Website, for example for maintenance purposes. As such, access to the Website is not necessarily permanent or guaranteed.

7. Your Responsibilities

7.1 When you use this Website, you agree that you will not: (A) use the Website for any unlawful, improper or illegal purpose or activity, nor will you use this Website to damage our name or reputation, or that of any third party; (B) misuse the Website by knowingly introducing viruses, Trojan horses, worms, logic bombs or other material which is malicious or technologically harmful. You must not try to gain unauthorised access to the Website, the server on which the Website is stored, or any server, computer or databases connected to our website. You must not attack the Website using a denial-of-service attack or a distributed denial-of service attack; (C) violate our, or any third party’s copyright, trademark, proprietary or other intellectual property rights, as outlined further below; (D) access, copy, or otherwise use the Website, except as authorised by these Terms or as otherwise authorised in writing by LG Partners in its sole and absolute discretion; and/or (E) impersonate any person or entity, use a fictitious name, or misrepresent your affiliation with a person or entity.

8. Use of Website Content

8.1 In the United Kingdom, the issue and communication of this Website has been approved by LG Partners. If you are in the United Kingdom or in any EEA member state, you should note that this Website may contain information or documents which constitute a financial promotion for the purposes of the Financial Services and Markets Act 2000 and the FCA Rules. This Website is issued only to and/or is directed only at persons who are Professional Clients, Eligible Counterparties or Professional Investors.

8.2 The information in this Website does not constitute an offer of, or an invitation to apply for or purchase any securities, investments, products or services. LG Partners does not provide investment advice to, nor receive and transmit orders from, investors in any funds, nor do we carry on any other activities with or for such investors that constitute ‘MiFID or equivalent third country business’ for the purposes of the FCA Rules.

8.3 The information and opinions on this Website do not constitute an investment recommendation, or other information recommending or suggesting an investment strategy.

8.4 The information and opinions contained on this Website have been compiled, or arrived at, by us from sources believed by us to be reliable as at the date of publication, however it is subject to change with no notice. The information and opinions do not in any way constitute investment, legal, tax or other advice and are for background purposes only.

8.5 This Website is not intended to provide a sufficient basis on which to make any investment decision and you should not solely rely on it in evaluating the merits of investing in any investments, products or services referred to on this Website. Any decision to purchase securities or interests with respect to any funds must only be made having thoroughly read the relevant prospectus or offering memorandum for the relevant fund, including any supplements, which must be received and reviewed prior to any investment decision and which may contain information which is different from the information and opinions contained on this Website.

8.6 There is no way to invest through the Website. Enquiries about investments in any LG Partners managed product should be sent to ir@LohGronagerPartners.com

9. Accuracy of Information

9.1 We have taken reasonable care to ensure that the information on this Website is accurate, current, fit for its intended purpose and compliant with applicable law and regulation. However, errors and omissions may occur due to circumstances beyond our control, and neither LG Partners nor its affiliates offer any warranties or representations regarding the accuracy, validity or completeness of the information on this Website.

9.2 As such, LG Partners and its affiliates expressly exclude liability and responsibility arising from your reliance on the information and other materials on the Website, or the reliance of anyone with whom you share the materials.

9.3 You must conduct your own due diligence and investigations rather than relying on any information on this Website. Any person who acts on, or changes their investment position in reliance on, the information contained on this Website does so entirely at their own risk.

10. Our Liability

10.1 Further to paragraph 9, neither we nor our affiliates accept any responsibility for any reliance which is placed by any visitor to this Website, or by anyone who may be informed of any of its contents, on any information or opinions which are expressed herein and, to the extent permitted by law, expressly exclude all conditions, warranties, representations, undertakings and other terms which might otherwise be implied by statute, common law or in equity.

10.2 LG Partners and its affiliates shall have no liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to, any direct, indirect or consequential damage, arising out of the use of our Website or other services.

10.3 Further, you agree that if you transmit confidential or proprietary information through the Website, you do so entirely at your own risk.

11. Your Indemnity

11.1 You agree to indemnify, defend, and hold harmless LG Partners, its affiliates and our respective officers, partners, employees, and agents from and against all claims, liabilities, damages, losses, or expenses, including legal fees and costs, arising out of or in any way connected with your breach of the Terms and/or access to or use of this Website.

12. Third Party Websites

12.1 At times this Website may contain links to or from other websites over which LG Partners has no control. These links are solely for your convenience or information, and may be subject to their own terms and conditions. We cannot verify the accuracy of any information contained in third party websites, nor does the inclusion of these links represent an endorsement or a recommendation of the third-party websites. LG Partners accepts no liability for the content of any website to which the Websites link.

13. Investment Performance

13.1 You should note that investments do involve risk and past performance is not a guide to future performance. The value of your investments and the income from them may go down as well as up, and returns are not guaranteed. Tax reliefs may change as per the UK budget from time to time, as they have done previously, and rates of exchange may cause the value of investments to go up or down.

14. Calls Recorded

14.1 For the protection of all parties, telephone calls to LG Partners or its affiliates may be recorded.

15. Intellectual Property

15.1 We are the owner of all intellectual property rights in the Website, and the material published on it, including, among other things, all trademarks, logos, service marks and service names, whether they are registered or not. These works are protected by, among other things, copyright laws and treaties around the world. We reserve all such rights.

15.2 You may use, download, and reproduce in hard copy, the Website and any materials located on it for your own reference only. You must not otherwise copy, reproduce, republish, disassemble, decompile, reverse engineer, download, post, broadcast, transmit, make available to the public, or otherwise use Website content in any way without licence from us. You also agree not to adapt, alter or create a derivative work from any Website content.

15.3 Nothing on this Website should be construed as granting any licence or right in relation to any of our trademarks, or any third party.

16. Changes to Terms

16.1 We may revise these Terms from time to time by updating this page. The revised Terms will take effect when they are posted. You are expected to check this page from time to time and to take notice of any changes we may have made, as by using this Website you acknowledge that you have accepted any such amendments.

17. Severability

17.1 In the event that any provision of these Terms is determined to be unlawful, void or unenforceable, such provision shall nonetheless be enforceable to the fullest extent permitted by applicable law, and the unenforceable portion shall be deemed to be severed from these Terms (such determination shall not affect the validity and enforceability of any other remaining provisions). When used in these Terms the words ‘includes’, and ‘including’ shall be deemed to be followed by the phrase ‘without limitation’.

18. Material Interests

18.1 We and our partners, officers and/or employees may have holdings in the investment funds referred to on this Website and may otherwise be interested in transactions that you effect in those funds.

19. Term and Termination

19.1 These Terms will apply to you as soon as you access the Website and will continue to have effect until they are terminated or if you are no longer interacting with us.

19.2 We may terminate your right to use the functions of our Website at any time, including if you violate or breach these Terms or if allowing you to access and use the Website or its related functions would violate any applicable local, state, provincial, national and other laws, rules and regulations, or would expose LG Partners to any legal liability whatsoever. 19.3 If these Terms are terminated or you are no longer interacting with LG Partners, these Terms may no longer apply. However, any provisions of the Terms that by their nature should continue to apply after termination of these Terms will do so. This includes, without limitation, all limitations on liability, choices of law and judicial forum and intellectual property protections and licences.

20. No Waiver

20.1 No waiver by us shall be construed as a waiver of any preceding or succeeding breach of any provision.

21. Third parties

21.1 We shall have the benefit of the rights conferred on us by these Terms but otherwise no person who is not a party to these Terms may enforce its terms under the Contracts (Rights of Third Parties) Act 1999.

22. Entire agreement

22.1 These Terms (incorporating our and policies) and our Disclaimer shall form the entire agreement between you and us in relation to your use of this Website.

23. Governing Law

23.1 These Terms and any non-contractual obligations arising from or connected with them shall be governed by and shall be construed in accordance with English law. English courts will have exclusive jurisdiction over any dispute arising from, or related to, use on this Website (whether arising out of or in connection with contractual or non-contractual obligations) (‘proceedings’) and it is a condition of using this Website that you waive any objection to proceedings in such courts on the grounds of venue or that proceedings have been brought in an inconvenient forum, although we retain the right to bring proceedings against you for breach of these Terms in your country of residence or any other relevant country.

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Loh-Gronager Partners



Noun: from the Latin perspicācitās, meaning through sightedness.

  • 1. A clarity of vision or intellect which provides a deep understanding or insight.
  • 2. To indicate a keenness of sense and intelligence applied to perception.
  • 3. The ability to recognize subtle differences between similar objects or ideas.

About Us

Loh-Gronager Partners is an Investment Partnership based on the principles of the original Buffett Partnerships, established by Warren Buffett in the 1950’s. We are concentrated, long-term, value investors, looking to partner with exceptional businesses. Our portfolio businesses demonstrate strong growth potential, widening ‘economic moats’ and are run by high-integrity management, who think as we do: as business owners.

We believe that we must lead by example and operate our Investment Partnership at the same high standards as we hold our portfolio businesses. To align ourselves with our Investor Partners, the majority of our personal liquid assets will, over time, form the single largest investor base in the fund. We treat our Investor Partners, who have entrusted us with their capital, as we would wish to be treated, as true Partners and to this end, do not charge a traditional management fee. Our personal returns mirror those of our Investor Partners and are entirely driven by our Funds’ performance.

Although we accept expressions of interest, our Investment Partnership is accessible by invitation only. For further information please contact us.

Loh-Gronager Partners
“La Clairvoyance” by Rene Magritte (1936), widely known as “Perspicacity” for its subject matter. © DACS, 2021

Investment Philosophy

“Your goal as an investor should be simply to purchase, at a rational price, a part interest in an easily understood business whose earnings are virtually certain to be materially higher, five, ten, and twenty years from now. Over time, you will find only a few companies that meet those standards – so when you see one that qualifies, you should buy a meaningful amount.”

Warren Buffett, Chairman’s Letter to Shareholders, Berkshire Hathaway Annual Report, 1996

To beat the market over the long-term you have to be doing something different. This sentiment is at the heart of both Loh-Gronager Partners’ business strategy as well as our investment strategy. In addition to our concentrated, long-term, value investing focus, we divide our Global Portfolio between an Emerging Markets Equity strategy focused on China & Southeast Asia; a Developed Markets Equity strategy focused on Europe & North America and a Global Fixed Income strategy whose allocation fluctuates depending on the availability of exceptional equity investment opportunities.

All investing is value investing, whereby we seek to buy an asset for less than its intrinsic value, otherwise known as a ‘margin of safety’. Our objective is to rationally and objectively evaluate each potential investment opportunity to ascertain whether it sits within our circle of competence, whether it meets our investment criteria and how it fits in the context of our existing portfolio. The search for exceptional investment ideas requires both extreme patience and complete intellectual honesty, both of which we incorporate into all aspects of our investment process.

In managing our Global Fund, we follow a modified version of the ‘Yale Approach’, pioneered by David Swensen of the Yale University endowment. We do not sell our individual best performers to average down, we do however, re-balance between the three portfolio strategies to ensure we are adding to the strategy which we believe will have the best relative performance over time. Our variable Global Fixed Income strategy gives us the flexibility to react decisively in times of market volatility. Often it is during these periods when the patience and discipline involved in our investment process comes to the fore and allows us to take advantage of market uncertainty.

A willingness to be contrarian - to stand out from the crowd - is what defines both our business and investment strategy at Loh-Gronager Partners. We believe it will enable us to succeed over the long-term.


Loh-Gronager Partners

Ardal Loh-Gronager

Managing Partner

Ardal Loh-Gronager founded Loh-Gronager Partners as an Investment Partnership in 2021. He is the Managing Partner, responsible for all investment decisions and runs its Global Fund.

Ardal is half Danish, born in the United Kingdom, and was educated across Europe, Asia and Australia, giving him unique exposure to different peoples, cultures and values from a formative age. He attended Durham University in the UK, receiving the Queens Campus Scholarship and graduating with a BA (Hons) in Accounting & Finance.

He has always been entrepreneurial and business-minded having established and run several successful ventures. He fully endorses Warren Buffett’s belief that “I am a better investor because I am a businessman, and a better businessman because I am no investor”.

His passion for finance was sparked when researching ways to grow his steadily accumulating savings from his business ventures. He discovered the seminal work of Value Investing, Securities Analysis by Benjamin Graham & David Dodd, followed by the teachings of Phil Fisher, Warren Buffett and Charlie Munger, which were used to develop his own ‘latticework of mental models’ about investing.

Ardal has over 10 years’ financial industry experience with both buy-side and sell-side expertise. His career in finance began with internships in Sales & Trading at Goldman Sachs and Swiss Re Asset Management. He subsequently joined Morgan Stanley as an Interest Rates Trader, followed by Credit Suisse as a Credit Trader, before departing to manage an investment portfolio for himself and a small group of family & friends. Ardal decided to formalise the Partnership by forming Loh-Gronager Partners after several successful years, at the request of his investors and to manage external capital.

Loh-Gronager Partners

Jamie Goodman

Chief Operating Officer

Jamie Goodman joined Loh-Gronager Partners as Chief Operating Officer (COO) in 2021. As COO, Jamie has responsibility for all operational and administrative matters of the firm.

Jamie has more than 20 years’ experience in financial services from both sell-side and buy-side institutions. Prior to joining Loh-Gronager Partners, Jamie spent 7 years in Abu Dhabi as Head of Operations & Risk for the trading function of the Abu Dhabi Investment Authority (ADIA), one of the worlds largest sovereign wealth funds. Here he also served as a Member and Secretary of the Executive Committee. In this capacity he was responsible for overseeing Operations, Trading & Regulatory Compliance, Risk, and Technology across Global Equities, Fixed Income, Derivatives and FX Trading.

Previously, Jamie gained experience across multiple operational disciplines at: Goldman Sachs, Deutsche Bank, Citigroup and Jefferies in the UK.

Jamie holds a BA in Economics from the University of Portsmouth in the UK.

Loh-Gronager Partners

Derek Villaruel

Chief Risk Officer

Derek Villaruel joined Loh-Gronager Partners as Chief Risk Officer (CRO) in 2022. As CRO, Derek has responsibility for all aspects of risk management at the firm.

Derek has more than 30 years’ experience in financial services, working for both global sell-side institutions. Prior to joining Loh-Gronager Partners, Derek spent 14 years as the Founder and Chief Investment Officer (CIO) of DJV Investments. The firms’ investment strategy was based on a systematic trading methodology, operating in: global equities, foreign exchange, interest rate products as well as derivatives markets. In this role, he gained in-depth knowledge and expertise of the systems, policies and procedures required, to actively manage and mitigate operational and investment risk.

Previously, Derek gained experience across multiple trading and risk disciplines at: JPMorgan Chase & Co. - Head of Intermediate Rates Trading, Lehman Brothers – Director of Proprietary Trading, BNP Paribas – Head of European Proprietary Trading, Credit Suisse First Boston – Head of Core European Rates Trading and Nikko Securities Europe.

Derek holds a BA (Hons) in Business Studies from the University of Westminster in the UK.

Loh-Gronager Partners

Dr. Kristjan Jespersen

Chief Engagement Officer

Dr. Kristjan Jespersen joined Loh-Gronager Partners as Chief Engagement Officer in 2021. As Chief Engagement Officer, Kristjan has responsibility for engagement and monitoring the implementation of sustainability best practices both at the firm and within our portfolio businesses.

Kristjan is an Associate Professor of Sustainable Innovation & Entrepreneurship at the Copenhagen Business School (CBS), Denmark. In this role, Kristjan is the Director of the Innovation for Impact Lab which focuses on research and experimentation, regarding the construction of new sustainability indicators as well as testing the reliability of sustainability generated data. He is the course coordinator for the ESG Minor, where he educates Finance, Economics, and Accounting students on the intricacies of sustainability aligned investing. Kristjan has also supported the development of an international framework to halt and reverse EU-driven global deforestation.

In addition to his roles in academia, Kristjan provides consultative services to many multi-national corporations on sustainability related topics.

Kristjan holds a PhD from Copenhagen Business School, with a research focus on Payments for Ecosystem Services (PES), and the role of Conservation Finance (CF) in managing and protecting natural environments.



We have a Partnership mentality in everything we do, working with our: Investor Partners, Investee Partners and Business Partners to ensure a collaborative environment in the pursuit of business excellence.


We believe that only through dedication and passion, in the relentless pursuit of mastery over our business and investment process, can consistent success be achieved.


We aspire to excellence in everything we do, constantly striving for exceptional performance and the achievement of outstanding results for our Partners. While always acting with humility in times of success and resolve in times of adversity.


We live by Warren Buffett’s mantra that reputations “take a lifetime to earn and moments to lose” and as such, we strive to keep our promise as a loyal and dependable Partner.


We work hard to understand what we know and even more so, what we don’t know and to paraphrase Mark Twain “what we think we know, that just ain’t so”. Intellectual honesty is at the heart of our business philosophy and guides both our investment strategy and the interactions with our Partners.


We hold ourselves to the very highest personal and professional standards. We seek to learn from our own past experiences and those of others, to make transparent, long-term, ethical decisions while operating with kindness and respect.

Sustainability Strategy

“I am delighted to be working with Loh-Gronager Partners, who recognise that true innovation and industry-leading change, only comes through long-term, proactive and thoughtful interactions with businesses themselves. I very much look forward to the road ahead and building on-going relationships with our portfolio businesses to help them to reach their sustainability goals.”

Dr. Kristjan Jespersen, Associate Professor of Sustainable Innovation & Entrepreneurship at Copenhagen Business School (CBS).

We believe that businesses can only truly embrace the full power of exceptional performance, through having an engaged and sustainability oriented management team. As committed long-term business owners ourselves, in a wide range of countries and sectors, we look to partner with management to help them formulate, integrate and achieve their sustainability objectives.

Over time, we believe that businesses that lead their respective industries through ambitious sustainability policies will broaden and deepen the ‘economic moat’ around their business, which will in turn lead to increased returns for society at large and for shareholders. To this end Loh-Gronager Partners is proud to work with Dr. Kristjan Jespersen of the Copenhagen Business School, as our Chief Engagement Officer, who will shape our engagement and best practices with our portfolio businesses.

View our Sustainability Strategy here.

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