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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 that appear to be undervalued by the market and with promising financial position and competitive advantages
highly concentrated portfolios

PILLARS OF ASSET MANAGEMENT

limiting risks

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

creating profits

Portfolio construction approach:

High-conviction portfolio
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

SPECIALIZATION

serving institutional clients

stable long-term results

transparent pricing structure

Collaboration and integrity

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