Dassault Aviation SA

DNCA Finance’s investment philosophy emphasizes quality and having a safety margin for all investments, aiming to avoid volatility. The investment approach they use is bottom-up and is based on fundamental research. The firm invests in European equity, seeking to invest in undervalued companies that are shareholder conscious and have quality management, sound financials, a strong market position, positive momentum and upside potential. Portfolio managers jointly approve investment decisions. DNCA Finance’s in-house research includes company visits. They outsource supplementary sector-specific research from sector specialists.

Bestinver is a long-term, value-oriented manager which aims to unlock value in their investments by conducting extensive company visits. They utilize industry publications, industry contacts and analyst reports, seeking to acquire in-depth knowledge of target companies. The firm believes that the best way to obtain above average returns is by investing in well-managed, sustainable, cash-generating, under-valued businesses which they understand and which have significant long-term capital upside.

Zadig specializes in European stock picking. They build a risk-controlled concentrated portfolio based on in-depth fundamental analysis that yields long-term superior returns. The firm employs bottom-up approach and performs an in-depth review of the company’s financial statements, with an emphasis on cash flow generation, return on capital employed and track record of shareholder value creation. Zadig independently runs a multi asset strategy backed by strong academic research. Their Active Risk Parity strategy is a proprietary all-weather asset allocation process aiming at providing high risk-adjusted return over the medium-term with no or low correlation with equities and government bonds. It dynamically allocates within a large span of market premiums covering equity indices, government bonds, commodities and credit through a fully-framed process.