Before we convince others,
we convince ourselves.
As a long-term investor, company analysis is of central importance to us. Before making any investment, we analyze annual reports, industry studies and all financial figures from the last several years. We strive to understand the important influencing factors as well as opportunities and risks and clarify open questions with the management itself. Only when we are convinced of a company’s future prospects, an investment will be considered.
From 2,000 to 30 companies: our quality due diligence
MARKET SCREENING AND ANALYSIS
- Automated monthly screening of 2,000 companies worldwide
- Specific calculation of fundamentals based on our own criteria with a focus on cash flow
- Assessment of industry attractiveness compared to the market, taking into account valuations, relative development prospects and our economic outlook
From 2,000 to 30 companies: our quality due diligence
PRESELECTION
- Dividing the equity universe into quality categories
- Investing exclusively in companies with above-average quality (predominantly in companies of the top 25% quality)
- Considering qualitative trade-offs within the above-average quality only in case of very attractive valuations and intact future prospects
- No investments in companies of below average and poor quality
From 2,000 to 30 companies: our quality due diligence
DETAILED COMPANY ANALYSIS
- Detailed company analysis (financial statements, conferences, presentations)
- Use of our proproprietary valuation model, including market and competitor analysis
- Direct contact with company management and industry experts to answer open questions
Fundamental analysis
MARKET POSITION
A company’s market position determines whether we invest. Market leader or niche player, pricing power or cost leadership, stable margins or attractive growth – we analyse all factors to invest successfully.
Fundamental analysis
SECURITY
We play it safe with investments. Steady cash flow, low levels of debt, stable margins – we pay attention to all factors to achieve the desired success, even in economically difficult times.
Fundamental analysis
SUSTAINABILITY
Sustainability is more than just a buzzword for us. Future-oriented products, healthy corporate culture, low dependence on exogenous factors – we do a deep dive for the sustainable success of our investments.
Fundamental analysis
GROWTH
We look for companies whose products and services are well received by consumers. The decisive factor here is whether growth is achieved through acquisitions or organically.
Fundamental analysis
VALUATION
In addition to quality, price is also decisive for a successful investment. We pay particular attention to the cash flow generated by a company and put this in relation to the overall value. Only when this ratio is attractive, an investment will be considered.
Portfolio
composition
Growth companies, value stocks and those with high stability of earnings – our portfolio is invested in a balanced way in businesses with different key drivers. The versatility of the influencing factors leads to extraordinary robustness of the portfolio.