What guides us
We are all far more passionate for enterprises than for the stock market. Long-term investment creates collective wealth, both for companies themselves and for their shareholders. To us, long-term investment also offers an opportunity to multiply contacts with companies and their market environment, and better understand the way they work. Which is why we have a preference for a management team’s vision over short-term optimisation, and why we have keenly followed Xavier Niel (Iliad), Pierre Pasquier and Vincent Paris (Sopra Steria), Jacques Gounon (Eurotunnel), Simon Azoulay (Alten), Maurice Ricci (Akka Technologies), Petra Von Strombeck (Lotto24) and many others for a number of years, some even since our inception in 2008.
We are a financial services company, not a bunch of magicians who can make your savings grow behind closed doors. Investors must have the ability to measure their risk: our clients have a right to know. Know who we are investing in (our monthly Newsletter), why we are investing (our Focus on Companies), know about our mistakes and the lessons learned (our annual Performance Report). This is the way we work as a team: disclosing our research, our successes and our failures creates a duty of prudence, discipline and modesty. Asset management is an exciting pursuit, because it is an ongoing learning process, but can only be done properly by using the right tools. Transparency is our tool.
Investing – even on the stock market – is not an art of divination; it requires careful implementation of work methods by a team. And the greater the team, the greater its degree of knowledge and originality of its thought. We are now a team of six investment professionals, with experience ranging from one to more than twenty years. The mix is essential, because inexperience completes experience: everyone is involved in the decision-making process, because the ingenuous can often prevent mistakes made by the expert. The team’s development, both human and digital, is crucial to our company’s growth strategy, which is why we invest in new resources as soon as conditions permit.
We are long-term investors in the share capital of companies, and are therefore looking for investors who are equally patient and do not make decisions based on the market’s twitching. Our compensation must be consistent with our partnership-based approach: TRANSPARENT and ALIGNED WITH THE INTERESTS OF OUR INVESTORS. This is why neither of our funds charges transaction fees, and we were the first Paris asset management firm to apply the High-Water Mark principle to our funds.
And we readily consume our own product: the team has invested in our funds, with our modest savings now accounting for more than 2% of assets under management! In addition, starting in 2018, our Company Savings Plan (PEE) will be essentially invested in our funds, while variable compensation will be partly paid in fund units.