Trovare operates as an investment identification vehicle, not as a conglomerate or a holding company. Each company in our portfolio is independently managed and financed. Each has its own board of directors, which includes Trovare representatives. There are no cross-holdings and cash flow from one company cannot be used in another company.
We are an "involved," patient investor, not a trader. The average time period we own a company varies, though some investments have exceeded ten years. We take a long-term view of a company's performance. We are less concerned with quarter-to-quarter results, but rather focus on cash flow and look at results over a number of years.
Management is our partner in creating value. Our portfolio company managers have a significant personal investment in their companies because we believe strongly that the best managers think like owners.
We want our portfolio companies to invest for future competitiveness. We encourage them to take a long-term perspective; to maintain their business focus; to manage the balance sheet as well as the income statement; to make strategic acquisitions; to motivate a wide range of employees by giving them a stake in the business; and to build for the future through prudent capital investment, research and development spending, and new product marketing.