Firmly established convictions

Economic growth is the main driver of stock market performance. Our work involves analysing corporate performance and conservatively estimating the value of each business we invest in.

Our approach is based on in-depth company knowledge.

We use proprietary financial analysis and extra-financial analysis (ESG) models as part of our investment decision-making process.

A disciplined investment process

Each company is analysed according to a systematic, multi-stage process.
Stage 1

Strategic analysis: identification of strengths and weaknesses, internal ESG rating

Stage 2

Accounting validation: in-depth review of financial statements

Stage 3

Financial analysis: growth profile and profitability analysis

Stage 4

Valuation: calculation of an intrinsic value that can be compared with current market prices

Risk management

Risk management is integral to our investment process. As part of our long/short approach, our ex-ante risk analysis enables us to monitor portfolio exposure to various market factors. Our aim is to minimise unwanted bias (sector, geographic, currency, etc.). Besides, we maintain an exclusion list of securities with a high ESG risk. Effective ex-post risk management requires a disciplined approach that includes taking profits at target prices, promptly cutting loss-making positions, and analysing the worst performance detractors when drawdown is significant.

Ex-ante risk analysis

Global exposure
Sector exposure
Geographic exposure
Currency risk
Financial imbalances

Ex-post risk management

Disciplined approach to target prices
Dynamically managed short positions
Prompt action on long positions
Portfolio drawdown management