We are business specialists, whose daily task is to increase our understanding of the companies in which we are invested. And we communicate extensively about our findings.

Because transparency is a method, not a constraint (and even less a smokescreen technique):

• Putting things down on paper reinforces the intellectual process;
• Communicating these elements to a third party encourages caution and argumentation, and supports conviction.

Transparency therefore reinforces rigor and prudence, leading to high-performance management at lower risk.

It is structured around 3 documents, each of which is designed to support our investors.

Monthly

It's your regular appointment to find out about

• The evolution of the portfolio is revealed in full;
• The average of the main economic indicators of the companies in which we invest (sales, EBITDA, number of employees, net debt, etc.);
• Elements of value enhancement ;
• The average geographical distribution of sales (which we find more interesting than listing places);
• Breakdown of the portfolio according to the wealth-creation dynamics we have identified (consolidators, ultra-dominant leaders, expanding subcontractors, etc.).

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Because we specialize in understanding companies and the wealth-creation mechanisms that drive them, twice a year (at the time of the annual and half-yearly results) we publish a booklet that summarizes our companies' sales and earnings publications, aggregates them (to give an overall view), comments on them company by company, and above all unveils our expectations for the current financial year.

1 time per year

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It's the ultimate tool for transparency: nowhere to hide, as we provide a breakdown of our annual performance, investment by investment (page 9), as well as a company-by-company discussion of our convictions for the year ahead, but also our doubts, if any. This exercise is central to the team's work, because it forces us to identify any moments of complacency that may have marred our management, and thus to establish new rules and procedures to reinforce our practices.