CapitalatWork

The objective of this fund is to look for solid opportunities in Europe, including in developing countries. Non euro-currency exposure may be partially or completely hedged.

The fund is managed in a bottom up style, independent of benchmark considerations and aiming at superior absolute return. CapitalatWork takes a “value approach” identifying stocks that are trading substantially below their intrinsic value, based on a proprietary valuation model which is focused on the free cash flow (FCF) generation.
The fund is invested in companies whose strong and sustainable FCF prospects are not properly reflected in their stock price. The manager’s focus leans toward companies with a sustainable superior business and a strong management track record that guarantees cash flow visibility.

Positions are built gradually, with largest convictions running from 3% to 6%. Diversification is ensured through holding about 50 stocks from a minimum of 7 sectors. Sales of call options on fully valued portfolio holdings may be implemented on a limited basis, to profit from high volatility periods.
This Fund is managed by : Filip Bruynooghe, CFA

Morningstar/ S&P rating:

+

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Fact Sheets:

European Equities at Work

Standard & Poor’s report
European Equities at Work May 2010
European Equities at Work March 2009