PRINCIPLES
EXPECTATIONS ARE AS IMPORTANT
AS THE GROWTH OF CASH-FLOWS

Our investment strategy is based on a conviction: In the long run, stocks outperform because the underlying business performs better than market expectations. We therefore have two objectives: to identify companies whose intrinsic value will grow in the long term, and to wait for the moment when market expectations are too low to invest. 

COMPOUNDING
RETURN ON INVESTMENT

Companies can create wealth like no other asset can. They correspond to the only asset class where part of the profits generated by the activity can be reinvested to generate even more profits. The companies that are of interest to us have a very profitable business, many opportunities to reinvest the cash they generate, and a talented management capable of redeploying capital to take advantage of these opportunities.

MONOPOLIES
THERE ARE TWO TYPES OF BUSINESSES: THOSE THAT ARE IN A NEAR-MONOPOLY SITUATION, AND OTHERS

Outstanding companies offer unique products and services within ecosystems that they have established. It then becomes very difficult for other players to seriously compete with them. Only the companies that dominate their industries are of interest to us.

GLOBAL
WE FOCUS ON COMPANIES
WITH A GLOBAL REACH

85% of the world's population lives outside of Europe and the US. As long-term shareholders, it is imperative that the companies we own are present in these markets. We view this as the best way to take advantage of the opportunities of a changing world.

MISPRICING
WE LOOK FOR TWO
TYPES OF SITUATIONS

The two main types of mispricings from which we take advantage are a market overreaction to short-term uncertainties (internal or external) which can temporarily affect companies, or poorly appreciated industrial inflection points (in particular linked to reinvestment) leading to an improvement in their fundamentals.

PORTFOLIO CONSTRUCTION
RISK MANAGEMENT

Diversification is not achieved by multiplying investments, but by making investments with little correlation with each other. Taking into account operational, thematic and economic correlations among the companies that make up our portfolios is a key aspect of our discipline.
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