European small and mid-cap equities with strong performance histories and long-term track records, relative to their benchmarks and peer groups.

Our strategies’ managers are highly rated by Citywire – an independent fund manager ratings agency. Actively managed, these high-conviction portfolios aim to outperform their benchmarks over the long term through bottom-up stock selection based on extensive fundamental research.

We run UCITS-compliant European and Eurozone small cap and European mid-cap funds. We can also tailor mandates to meet your individual needs, whether that be in terms of your risk and return requirements, geographical preferences or target capitalisation range.

EUR 7.0 bn

assets under management

5

experienced portfolio managers

16 years

average investment experience

Investment Philosophy

European small and mid-cap equity universes are large, diverse and under-researched, so there is considerable scope for an active manager to add value.

We aim to outperform the broad market by investing in companies with above-average, sustainable earnings and cash flow growth. This seeks to exploit the market’s increasingly short-term investment horizon, by focusing on stocks with attractive long-term attributes that may have been masked by short-term noise.

Our portfolio managers analyse each target company’s business model in order to assess its strategic plan and value it correctly. We set target prices for each holding and pay special attention to liquidity: the less liquid the stock, the higher the expected upside should be.

A large part of the strategy’s risk bucket is made up of stock-specific risk, reflecting its bottom-up nature.

Stock selection process

  • Investment opportunities selected from over 1500 stocks through company visits and direct dialogue with companies’ management and proprietary quantitative screen
  • Focus on cash flows and returns on capital employed
  • We invest in companies with one or more differentiating features such as a unique proposition, a first-mover advantage, a niche position or technical or marketing advantages.
  • European and Eurozone Small Cap equities

    Our European and Eurozone small cap equities strategies provide concentrated exposure to these regions’ small cap equity markets. They are actively managed and benchmarked against the MSCI Europe Small Cap and Euromoney Smaller Euroland indices.

    At a glance:

    • Portfolios invest in 50–70 stocks
    • Market capitalisation between EUR 500 million and EUR 6 billion
    • Aim to outperform their benchmarks over a three-year horizon
    • Target a tracking error against their benchmarks of 3–6%
    • Excellent track record against benchmark and peers
    • High-conviction European and Eurozone small and mid-cap equity strategies
    • Bottom-up stock selection: no active country or sector positions against the benchmark
    • Extensive use of company meetings to ensure information advantage
    • Strict risk management ensures risk budget is fully aligned with team’s focus on stock selection
    • Target prices result from extensive proprietary research
    • Highly-rated portfolio management team
  • European Mid Cap Equities

    Our European mid cap equities strategy provides concentrated exposure to the European mid cap equity market. It is actively managed and benchmarked against the DJ STOXX MID 200 index.

    At a glance:

    • Portfolios invest in 50–70 stocks
    • Market capitalisation between EUR 1 billion and EUR 10 billion
    • Aim to outperform their benchmarks over a three-year horizon
    • Target a tracking error against their benchmarks of 3–6%
    • Twenty-year history managing the asset class
    • High-conviction European  mid cap equity strategies
    • Bottom-up stock selection: no active country or sector positions against the benchmark
    • Extensive use of company meetings to ensure information advantage
    • Strict risk management ensures risk budget is fully aligned with team’s focus on stock selection
    • Target prices result from extensive proprietary research
    • Highly-rated portfolio management team