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Investment policy

VALUE INVESTING (equity)

  • active selective investment style (careful selection of companies based on a multidimensional fundamental analysis) 
  • long term investing (low portfolio turnover)
  • investing in companies perceived as real enterprises and not just virtual securities
  • investing in companies that appear to be undervalued by the market and with promising financial position and competitive advantages
  • highly concentrated portfolios 
  • no market-timing, no speculation

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 try to 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

SPECIALIZATION

Pension schemes
Equity funds and mixed funds with equity investments
Regular saving
Collaboration and integrity

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