About Us | Reference Equity

A Quality | Value Philosophy

Quality from First Principles

The first principle of capitalism is competition. Competition eliminates excess return. We define quality businesses as those in non-competitive situations, capable of delivering excess shareholder returns.

Our Definition of Quality

Value for the 21st Century

The foundation of valuation is free cash flow per share. Long-term equity returns are driven by free cash flow return and growth. We value businesses on an absolute basis, based on their fundamental free cash flow generation.

The Value of Low Value

A Provable Process

Proof of Quality

Our due diligence process directly connects our investments to our philosophy.

Our analysis reveals businesses capable of generating and sustaining excess returns.

Repeatable Process

Our rigorous, repeatable process is applied to each investment holding and evidenced to our clients.

Disciplined execution of process ensures each holding satisfies our fundamental and philosophical requirements.

A Passion For Investing

Falling In Love With Stocks

Ryan Bunn is the lead portfolio manager for the Reference Equity Global & International Small Cap strategies. He has over fifteen years of equity investment experience across both the public and private equity markets.

Ryan has always been a passionate investor, starting with his first mutual fund in second grade, although his investment philosophy and research practices have evolved over the past thirty years. Today, he implements his personal investment philosophy via the Reference Equity strategies.

Ryan earned his bachelor’s degree in computer engineering from Northwestern University, graduating in three years, and his MBA from the Kellogg School of Management. His career has taken him to Chicago, New York, New Delhi, and Moscow, and he currently resides in Denver, Colorado.