Calendar of publications

  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • Novembr
  • December
  • Monthly newsletter

  • Annual Performance Report

  • Focus on Companies

We are enterprise 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 (let alone a smoking technique) :

  • Putting the elements of reflection on paper strengthens the intellectual development;
  • Communicating these elements to a third party forces caution and argument, thus underpinning conviction.

Transparency therefore reinforces rigor and prudence, which leads our management to perform well at lower risk.

It is structured around 3 documents which must each support our investors.


Each month

It is your regular meeting that allows you to know

  • The evolution of the portfolio which is fully disclosed to you ;
  • The average of the main economic values of the companies in which we are invested (turnover, gross operating surplus, number of employees, net debt, etc.) ;
  • Elements of valuation ;
  • The average geographical distribution of turnover (which seems more interesting to us than the listing places) ;
  • The distribution of the portfolio according to the dynamics of wealth creation that we have identified (consolidators, ultra-dominant leaders, expanding subcontracting, etc.).
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Because our specialty is understanding companies and the wealth creation mechanisms that drive them, twice a year (during the annual and half-yearly results), we publish a booklet which includes the publications of turnover and results of our companies, aggregates them (to give an overview), comments on them company by company, and above all reveals our expectations for the current financial year.


See our latest focus on companies:


Once a year

It is the ultimate tool of transparency: nowhere to hide since we provide in particular the breakdown of our annual performance, investment by investment (page 9), as well as a discussion, company by company, recounting our convictions for the opening year, but also our doubts, if any. This exercise is central to the team’s work because it requires us to note the moments of complacency that would have punctuated our management, and therefore to establish new rules and procedures to strengthen our practices.


See our latest annual report :