Management philosophy

The back-and-forth that we do between close-up, precise and in-depth analysis of markets and companies, and seeing far ahead to anticipate the changes that companies and society are going through, finds its culmination when we manage to identify the following triptych:



It is a company that is experiencing, or which will experience a change, that is already giving rise to a debate or indifference,


Which must have a solid foundation: industrial, financial and management positions,


Whose valuation integrates distrust or indifference


The result of such an approach is a relatively concentrated portfolio of around 40 lines with approximately 40% of assets invested in the top 10. Within the portfolio, priority is given to companies undergoing significant change and for which we expect accelerating non-integrated earnings growth.


Finding such a company is not easy, their number is not infinite and our security criteria are restrictive. We must therefore deal with companies for which change or solidity is less important. This will lead us to invest also in companies whose readability is said to be better or in companies in turnaround.