What defines us
Pléiade AM is an entrepreneurial asset management firm founded by two investment professionals, one with a background in listed securities, the other in private equity. They combined their experience and passion for enterprise to launch Pléiade AM as an asset management firm specialised in listed share investments. The pace of business development is not that of the markets, meaning that capital investment is essentially a LONG-TERM ENDEAVOUR. The market is only a tool; companies – and their ability to create wealth – are our only field of investigation, which is why we only invest IN COMPANIES WE UNDERSTAND.
Companies do not apply the same recipes simply because they operate in the same industry: what is there in common, for instance, between Iliad, the disruptive French telco, and Orange, the incumbent oligopolistic dinosaur? Institutional elements perhaps, but none sufficient to drive an investment rationale. Our attention tends to be attracted by dynamics of wealth creation often shared by companies in a wide range of sectors.
Obviously, a few companies BENEFIT FROM MULTIPLE DYNAMICS: Essilor or Bechtle are all at once ultra-dominant leaders and consolidators; Iliad or Jazztel (in Spain, since acquired by Orange) both operate in oligopolies, but are also disruptive market players.
And then, there are companies in which WE WILL NEVER INVEST: in general terms, THOSE WHERE WE CANNOT UNDERSTAND THE WEALTH CREATION MECHANISMS. And more specifically, we will never invest in financial institutions (banks and insurance companies) or biotech businesses.