Great news: 25 years of Contrarian Equities at Work!


This is a special moment for CapitalatWork. It is 25 years ago that the ‘Contrarian Equities at Work’ fund was established on 1/9/1998 with an initial first price of €125. It’s a remarkable occasion. Not only for us, but certainly also for our clients. We are celebrating an achievement that is truly unique for a number of reasons.

Today, we look back with you at the fascinating history of the equity markets over the past 25 years. A lot has happened during that period. Just consider, for example:

  • The introduction of the Euro that transformed the European economic landscape.
  • The 9/11 terrorist attacks that led to significant changes in international security policy, but also brought about military interventions with far-reaching geopolitical consequences.
  • The 2008 banking crisis that caused the global financial system to collapse and triggered a global recession.
  • The coronavirus pandemic that put pressure on the healthcare system worldwide and caused economic disruptions.
  • The war in Ukraine, which has already taken many lives and has put an end to a long period of relative geopolitical stability in the Eastern part of our European region.

Fortunately, most of those moments when the stock market was biting its nails have faded from our memories. However, we can be sure that the next 25 years will bring just as many tense episodes that have a strong impact on the markets. It has always been so and it will always be so.

Meanwhile, millions of people get up every day with the aim of giving their best in these wonderful companies in which Contrarian Equities at Work has been investing for 25 years now. At the same time, the media enthusiastically tells us every day about the blood-curdling calamities, disasters and crashes that are hitting us right now or are looming on the horizon. But these employees do not let these things shake them. Every day, they take the train, car or bicycle to work and help the companies in the Contrarian Equities at Work fund to continue to grow and thrive.

As well as this world history from the past 25 years, we also want to take a moment to look back with you at the fascinating history of CapitalatWork itself. 25 years ago, a team of young investors came together with a shared passion and fascination for the financial markets. Over the years, the team has been strengthened further with the addition of new passionate colleagues. But what really makes CapitalatWork unique is that, after 25 years, this same passion still forms the glue that holds that same team together. Where else can you find a team that has been analysing and investing together with the same core of professionals day in and day out for 25 years?

Today, together with all the staff at CapitalatWork, all the stakeholders of CapitalatWork and all the loyal clients of CapitalatWork, we are also looking forward to the future. A future that, as always, is uncertain and unpredictable, but also promising. As guardians of an investment process that has relied on the same investment principles for 25 years, we see it as our duty to watch over, continue and pass on this way of working to new colleagues.

All that it remains to do is thank the millions of employees of all the companies in which we have invested over the past 25 years. It is their dedication, curiosity, ambition, integrity and brilliance that underlie the performance of the Contrarian Equities at Work. The combination of that commitment with the slow but steady power of time produces astonishing results. We cannot stress that enough. And that, dear reader, is a message that we want to emphasise to you. Thank you!

(PS: the share price of the Contrarian Equities at Work on 1/9/2023 is €1013)




Disclaimer: This publication is a publicity notification. Please refer to the Prospectus, the KID and most recent annual report before making an investment decision. These documents are available free of charge  in Dutch, French and English on or or by making a written request to Lemanik Asset Management S.A., 106, route d’Arlon, L-8210 Mamer, Luxembourg or by emailing Name: CapitalatWork Foyer Umbrella – Contrarian Equities at Work – C. Product manufacturer: CapitalatWork Foyer Group S.A. ISIN: LU0090697987 Management Company: Lemanik Asset Management SA (Luxembourg). The Depositary is RBC Investor Services Bank S.A.
The product is a compartment of Capitalatwork Foyer Umbrella, an Undertaking for Collective Investment in Transferable Securities (UCITS) incorporated as a variable capital investment company (SICAV) under the laws of Luxembourg. The product is actively managed. The relationship between CapitalatWork SA and the Client is governed by Belgian law. More information on this is available in Dutch, French and English in our Terms and Conditions and in the summary of investor’s rights on


The risk indicator assumes you keep the product for 5 years.
Key risks: The risk can be significantly different if you cash in at an early stage and you may get back less. The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. The essential risks of the investment fund lie in the possibility of depreciation of the securities in which the fund is invested. We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level, and poor market conditions will likely impact our capacity to pay you. Please refer to the Prospectus for more information on the specific risks relevant to the product not included in the summary risk indicator.
Duration: The fund is established for an unlimited duration. The Board of Directors may liquidate the fund at any time. The management company Lemanik Asset Management SA may at any time cease trading the funds in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.
Objective: The fund aims to deliver a positive return on your capital in euro by investing primarily in shares of US and European companies that are listed on the stock exchange or traded on another regulated market. These shares have generally been neglected by the markets but have a promising outlook. The fund invests a smaller portion of its assets, on an ancillary basis, in companies from other regions around the world. Please refer to the Prospectus for further details and for more information on the Sustainable Finance Disclosure Regulation (“SFDR”) classification of the fund.
Fees, charges and taxes: Minimal investment: 1 share, Entry fee: max. 1,00%, Exit fee: 0,00%, Management fee: 1,15% (these are contained in the management fees and other administrative or operational costs),  Transaction Fee: 0,14%, Management compensation and other administrative or operational fees: 1,33%, Performance fee: 5% of the positive returns the fund realises above an annual return of 5%. Any past performances below this target level must first be offset.
Swing Pricing: Adjustment of the NAV – Swing Pricing To protect the SICAV from liquidity risks that could result from large repurchase requests, and to protect shareholders from short-term speculative movements that increase the cost of purchasing or monetizing assets in the Sub-Fund’s portfolio, the SICAV will determine the redemption price on the basis of a reduced NAV or the subscription price on the basis of an increased NAV to take into account the cost of realizing or purchasing assets in the portfolio to finance this redemption price or to invest the subscription amount. In the context of this calculation of the NAV, the maximum factor that can be applied is 3%, in accordance with Article 21/1, paragraph 1 of the Royal Decree of November 10, 2006 on the accounting, annual accounts and periodic reports of certain public undertakings for collective investment with a variable number of units. However, this temporary adjustment of the NAV shall not be taken into account for calculating the Manager’s performance fee. If this adjustment of the NAV occurs, the amount intended to cover the cost of asset monetization, as provided for in Article 27 of the Articles of Association and as mentioned below (Cost of asset monetization – Anti-Dilution Levy), cannot be claimed from the shareholders whose redemption NAV is affected in this way. The procedure to be followed in case of application of this mechanism for adjustment of NAV can be obtained upon written request from the registered office of the SICAV.
Anti-Dilution Levy: Asset realization costs – Anti-Dilution Levy In order to protect the SICAV from liquidity risks that could result from large repurchase requests, and to protect shareholders from short-term speculative movements resulting in costs for the purchase or realization of assets in the Sub-Fund’s portfolio, the SICAV may also decide to charge a fee to investors/shareholders wishing to subscribe or repurchase shares to offset the cost of realizing or purchasing assets in the portfolio to finance this repurchase price or to invest the subscription amount. This charge will be limited to 2% of the NAV per share multiplied by the number of shares for which redemption is sought. This fee will not be charged if the NAV adjustment mechanism is applied under the Swing Pricing mechanism described above. The procedure to be followed in the event that this NAV adjustment mechanism is applied may be obtained upon written request addressed to the registered office of the SICAV. This procedure specifies in particular that these fees may only be claimed if this does not have the effect of favouring one or more subscribers or categories of subscribers in any way over other.
Complaint: In case of a complaint, please send it to ‘Complaints’, Avenue de la Couronne 153 – 1050 Brussels or by e-mail to In case you disagree with the answer given by CapitalatWork SA to your complaint, we invite you to submit your complaint to the mediation service with following coordinates (Ombudsfin) North Gate II, Boulevard du Roi Albert II 8 bte 2, 1000 Brussels (website: and e-mail:

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