A vigilant approach
It is our mission to protect the purchasing power of your assets and grow them in the long term. The path of caution is the only appropriate way to do so. Only by constantly focusing on excellence, are we able to achieve our objectives. Long-term growth requires avoiding irreparable losses.
“ Forecasts usually tell us more of the forecaster than of the future. ”
Our fundamental values
Asset management is not a sprint but a marathon. Only a long-term approach will lead to a satisfactory result. We are investors, not traders. We think like entrepreneurs.
“ If you aren’t willing to own a stock for 10 years, don’t even think about owning it for ten minutes. ”
To us the glass is half full. From this optimism, we try to let our assets benefit from the growth of the world economy, in spite of crises and catastrophes, which always have been and always will be there.
“ Positive anything is better than negative nothing. ”
Our added values
We only invest in what we understand. This way we have gained in-depth expertise on a specific part of the market. It is better to do few things well than everything with mediocrity.
Consistency in policy and implementation: this is reflected in the results of our strategy over time.
Our investment style
1. We are not greedy
Preserving purchasing power is not the same as the pursuit of ‘massive profits’. History teaches us that markets gain 6% above inflation on average over the long term. Our goal is to match this with less volatility and reduce the losses from downward corrections.
2. We are not “deep value” investors, quality is always the starting point
‘Value investing’ is not merely looking for companies with a low valuation. Our first concern is the sustainability of profits and the quality of the business model. Only then will we look at the value and price of the company. Quality predominates and it is by focusing our attention on quality, that we have managed our motto «winning more by losing less” into actual results.
“ It is far better to buy a wonderful company at a fair price than a fair company at a wonderful price. ”
3. But price and discipline remain important
We do not participate in hypes, fads or bubbles and we usually find shares worth buying in the less popular sectors of the moment.
“ Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down. ”
Our approach is best described in the words of the ‘value investor’ Christopher Browne: “For more than 30 years, we have achieved a better return than the market, and yet we never felt comfortable with a highly concentrated portfolio. The best track records in the sector have always been put down by managers who were highly diversified: Peter Lynch, Anthony Bolton, Michael Price,… .”
One look at the members of the Forbes 400 list of 20 or 30 years ago tells you almost all of these persons have disappeared from the list. Had they invested in a diversified portfolio such as the S&P 500, they would still be part of the list.