The Thistle Strategy

Thistle is a systematic quality strategy that selects high-quality stocks from the developed world and rebalances quarterly. Assets: Large-cap equities from developed markets, covering the US, Europe, Japan, and other major economies. The investable universe is approximately 1,000 stocks across selected GICS sectors. Selection criteria: Stocks are scored on a proprietary composite of fundamental quality metrics. Each metric seeks to smooth cyclical noise. Scoring is done within sectors to maintain diversification and avoid unintended sector concentration. The highest-scoring companies fill the portfolio. Holding period: Positions are held for one quarter. The portfolio rebalances on a fixed schedule four times per year. Turnover is moderate — the majority of holdings typically carry over from one quarter to the next. Decision-making sources: The strategy is entirely rules-based and grounded in peer-reviewed academic research on the quality factor premium. All selection decisions are driven by published financial data. There is no discretionary, sentiment-based, or market-timing input. The goal is to own the highest-quality businesses in the developed world — companies that generate strong returns on capital, convert earnings to cash, and maintain robust balance sheets — and let that quality compound over time.