2019 Investment Fund Awards

Wealth & Finance International - 2019 Investment Fund Awards 9 APR2w2 Indépendance et Expansion is an equity fund that targets French and European Small and Mid-Caps that have been listed on a regulated market. This is done through operating through two separate sub-funds, ‘France Small’ and ‘Europe Small’. The aim at Indépendance et Expansion is to provide a ‘quality value’ investment strategy, the main elements of analysis being low price-to-cash-flows and high returns on capital employed. It’s proven to be a tremendous success for the business. William’s 27 year run of management allows him to display one of the longest track records in the industry. This incredible length of service is down to his unique and systematic ‘quality value’ investment philosophy that he developed. It’s something that is unique to Stanwahr, and their equity fund Indépendance et Expansion. This approach hasn’t changed since 1992. Some might say this leads to stagnation, but Stanwahr is as strong as ever, having taken on two new employees in the last three years. Just like its investments, the portfolio management team has a very low turnover, choosing its employees with great and deliberate care. The company as a whole believe that regardless of the fast-paced industry that investment exists in, there is no great hurry to make massive changes to match the current state of the market. They believe that the key in this fast-paced industry is actually to take time, have a low turn- over, and favour a long-term investment perspective. In this case, it’s the consistency of their investment strategy in all periods that has made the firm just an incredible success. Certainly, it’s hard to disagree with the idea. Indépendance et Expansion is the equity fund in Europe with the highest performance over the past 25 years. Clients with long term perspectives always know the way Indépendance et Expansion will invest and have high visibility on their portfolio. As mentioned previously, Indépendance et Expansion target European Small and Mid-Caps. These have just become attractive again, after a peak at the end of the year 2017. Even in an environment of slower growth, however, these levels of valuation have combined to historic low interest rates that should support the performance of stock markets in the coming decade. This positive approach does not sit entirely well with the rest of the industry. Investors are worried today about several issues in the world and are right to do so. There have always been crisis and uncertainties when it comes to investing though, and investors who seek fast and short term profits are more worried than they have been in the recent years. There are always interesting opportunities for long term investors, such as those at Indépendance et Expansion. With an increased pressure on fees in the fund industry, investors will have to choose between low cost trackers or funds with specific investment approaches. I believe Indépendance et Expansion with its very specific investment methodology is Working in in the field of equity funds for nearly 30 years, William Higgons is CEO of Stanwahr and Portfolio Manager of Indépendance et Expansion since 1992 without interruption. He is one of the most respected value investors in France. Since 1992, the fund he manages, Indépendance et Expansion, has generated a cumulative return of +2,594% which is an annual return of +13.4% vs. +7.8% for the market, and an alpha >5% over more than 25 years. We profiled this company to find out more about what they did and how they do it. Best France Small & Mid-Cap Fund (10 Years): Indépendance et Expansion SICAV - France well armed to face these developments. Operating on a unique system of ‘quality value’ investments, it’s clear that Indépendance et Expansion has something special to offer investors. This is the reason it has sat at the forefront of small and mid-cap funds for so many years, and why it will no doubt stay there for many years to come. Contact: [email protected] Fund: Indépendance et Expansion SICAV Website: independance-et-expansion.com Oct19599 Stanwahr Portfolio management team, © Indépendance et Expansion