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Investment policy


  • active selective investment style (careful selection of companies based on a multidimensional fundamental analysis) 
  • long term investing (low portfolio turnover)
  • investing in companies that appear to be undervalued by the market and with promising financial position and competitive advantages
  • highly concentrated portfolios


limiting risks

  • Company quality analysis / fundamental analysis
  • Sources of potential problems
  • Sources of company’s profitability
  • Competitive advantages

creating profits

  • Portfolio construction approach:
  1. High-conviction portfolio
  2. Less diversified
  • „Going against the grain”
  • Intrinsic value of company vs market value

Companies that we look for. Those that:

  • Low valuation compared to intrinsic value 
  • Produce high operating margins 
  • Generate high return on equity 
  • Have a net value stemming from present activities and not from future plans 
  • Operate within a simple and comprehensible business model

Companies we avoid. Those that:

  • Change their core business frequently 
  • Expand in many directions 
  • Have an incomprehensible business model 
  • Are expensive 
  • Engage in aggressive takeovers 
  • Generate profits on paper as opposed to steady operating income


serving institutional clients
stable long-term results
transparent pricing structure
Collaboration and integrity

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