Among the many opportunities offered by listed European companies (diversity of skills, sectors, geographies, cultures) we favor high-quality domestic and international companies which possess enduring competitive advantages and are managed with a disciplined approach to the allocation of capital in view of creating long-term value. We invest on the basis of a company’s fundamentals and we know how to be patient in order to profit from unusual or unexpected market movements: such as when, owing to cyclical, specific or trend-related reasons, a company is markedly undervalued in comparison to our estimation of its intrinsic valuation.

We manage the fund based on our convictions, without regard to stock indexes, guided by our investment approach, which aims to optimize return vs risk over the long term. Equities are selected for the fund after painstaking financial analysis; we give special weight to field data gathered via some 350 interviews conducted annually with companies and their executives.

Liquidity risk: in the event that trading volumes on the financial markets are low, the manager may not be able to sell the securities quickly under satisfactory conditions, which has a more or less significant impact on the purchase and sale price and in certain circumstances the overall liquidity of the fund.

Credit risk: this is the risk of deterioration in the credit quality of a public or private issuer or of default by the latter. In this case, the value of the debt securities in which the fund is invested may fall, leading to a fall in the net asset value of the fund.

Counterparty risk: there is a risk that the counterparty may default on forward exchange contracts.