The third element is the one he feels is often overlooked, which is capital allocation.
He wants to see capital being allocated efficiently and in alignment with shareholder interests.
The ideal scenario would be a company which can not only return cash, through share buybacks and dividends – but also continue to invest in their business.
The fund will not invest in companies that do not return any capital to shareholders.
Mr Brazier is also focused on the risk within the fund.
This means globally diversified, cash generative businesses will be a larger part of the portfolio - with at least 50 per cent of its holdings in the FTSE 100.
Cyclicals and retailers, for example, are likely to have smaller positions, purely because they take more risk.
The fund has returned 14.4 per cent in the past five years, compared to 11.7 per cent for the IA UK All Companies sector and 9.8 per cent for the FTSE All-Share.
It also has a yield of 2.4 per cent and has an ongoing charges figure of 0.82 per cent
This is a strong candidate for a core UK holding. Its flexibility allows it to adapt to any market conditions and is back by an experienced manager and a capable team.
Darius McDermott is managing director of FundCalibre