CapitalatWork

Our strategy focuses on recurring business models whose cash generation is undervalued by the market. With this fund, we favor companies whose business models export themselves out of the Americas into the global economy. We have no current active hedges against the USD, but globally diversified equity investments provide some degree of natural hedging.

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 : Christophe Pirson, CFA

Morningstar rating:

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Fact Sheets:

American Equities at Work