Ashley Redmond: Congratulations Paul on winning Foreign Equity Fund Manager of the Year.
Paul Moroz: Thank you very much. I appreciate it.
Redmond: And it seems like every year we have someone here from Mawer. In the past, it has been Jim Hall and before that Gerald Cooper-Key, and every time I talk to someone from Mawer, they attribute corporate culture to their success. Do you agree?
Moroz: Absolutely. Culture is one of the most underrated competitive advantages [that] a firm can have. We work really hard on it, and I think that’s what translates into the consistency of the performance over time. This is the culture that we have at Mawer.
Redmond: Okay, great. And how would you describe your management style?
Moroz: Well, I think that I'm focused on companies that are going to be around for a very long period of time. A lot of it is really boring. So, I like to think of it as if you're playing Monopoly, you're just lapping the board, pass Go, Collect $200. That’s the type of businesses that we're interested in.
Redmond: Okay, great. And how would you – what do you think is different about the way you mange in the foreign equity space?
Moroz: I don't think a lot is different actually. What we found is when we apply our philosophy in process to different parts of the world that it's kind of like gravity, gravity works in London and works the same in Singapore. There are reasons that good business models and good management teams' work. So, we just apply that consistently.
Redmond: Are you guys sticking to the basics really, because you're growing – your assets under management have been rapidly increasing. So, are you sticking to the fundamentals as you're getting larger?
Moroz: Yes, the short answer is that we're sticking to the knitting. We're a very process-oriented firm, and that's how we've been successful, and we're sticking to that process.
Redmond: Great. And for people watching, any new initiatives in 2014 that they should look out for from Mawer?
Moroz: Well, in terms of the firm, we have put a person down on the ground in Singapore. So we now have that presence there. So, there may be some more ideas coming from that part of the world.
Redmond: Thanks so much, Paul.
Moroz: Thank you.