What type of companies fit the investment criteria?

The portfolio will predominantly include what I believe are high-quality companies that have the potential to generate healthy Free Cash Flow (i.e. after-tax operating cash flow adjusted for capital expenditure) that can grow, reinvest, and compound over the years. The portfolio will also aim to capitalize on special situation opportunities, including spinoffs, rights offerings, demutualization, and restructuring. One of the benefits of having these special situations in the portfolio is that the outcomes tend to be less correlated to the overall market and the catalysts are company-specific.