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iMGP Funds

The data and information featured on this web site are provided free of charge and solely for information purposes. The information contained herein constitutes neither an offer to purchase nor a solicitation to sell and may not be construed as an investment recommendation on the part of iM Global Partner Asset Management or other entities of the group iM Global Partner, its affiliates, managers, officers, or employees (hereafter « iMGP ») and has no legal or contractual value. Furthermore, any reference to a specific security in any published material is included by way of illustrative example and should not be construed as a recommendation to purchase, hold or sell such a security nor does it in any manner constitute the provision of investment advice in relation to same. The iMGP Sicav ( hereafter « iMGP » or « iMGP Funds » or « Fund ») has not taken any measures to adapt to each individual investor who remains responsible for his own independent decisions. Any investment in the funds presented on the web site must be made in conformity with the related legal documentation in force (prospectus, Key Investor Information Documents), as approved, where applicable, by the regulatory authority in your country. iMGP Funds is an open-ended umbrella investment company established and regulated in Luxembourg. The iMGP Sicav is not open to citizens or residents of the USA or to any other party deemed to be a US person. iMGP Funds’ current Prospectus and Key Investor Information Document, by –laws and the Annual and Half Yearly Reports of the Fund can be obtained on this website or from the iMGP offices at 5, Allée Scheffer, L-2520 Luxembourg or from the Agents and Representatives listed on this website for the specific jurisdictions where iMGP Funds are registered and this marketing document is intended for use only in those specific jurisdictions. Investors are advised that they should consult the Prospectus before seeking to subscribe. Moreover, investors are also advised to consult their legal, financial or tax advisors before taking any investment decisions.

Investors are reminded that past performance is not an indicator of future returns, nor does it guarantee future profits, and that they risk, in some cases, losing all or part of the amount initially invested. An investment may increase or decrease by virtue, in particular, of market fluctuations and exchange rate variations in the currency in which the Sub-fund is invested where this differs from the currency of the shareholder.

Disclosure in respect of iM Global Partner Asset Management

Any reference to iM Global Partner Asset Management (« iMGP AM ») or iM Global Partner (« iMGP ») in the material published on this website should be construed as being a reference to one or more of the legal entities, listed below, dependent on the particular jurisdiction in which it is being accessed.

iMGP AM is the Luxembourg management company of iMGP Funds.

iMGP is a French regulated entity which represents and distributes iMGP Funds that have been registered in France having branches in Italy, Spain, Germany and also subsidiaries in Switzerland and in the UK for that purpose. iMGP AM is also a subsidiary of iMGP.

Use of links

This website may direct you to automatic links to other websites. Use of these links is made at your own risk. iMGP and the Fund will not have developed, verified the accuracy or scrutinised the data contained in the aforementioned links. iMGP and the Fund may not be held responsible for damage or losses caused by delays, defects or omissions that may exist in the real, indicated or indirect services, information or other content provided on this site. iMGP and the Fund give no guarantee, makes no declaration and will not be held responsible for any content transmitted by electronic means to a third party, including the accuracy, subject, quality or the appropriate character of said content.

Copyrights and Trademarks

The entire content of this website is subject to copyright with all rights reserved to iMGP and the Fund. You may download or print out a hard copy of individual pages and/or sections of the website, provided that you do not remove any copyright or other proprietary notices. Any downloading or otherwise copying from the website will not transfer title to any software or material to you. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public or commercial purpose the website without the prior written permission of iMGP.

By clicking on the « Accept » button, you expressly acknowledge that you have read the aforementioned and that you are authorized by the applicable law to access this website.

YOUR USE OF THIS WEBSITE REQUIRES FULL ACCEPTANCE WITHOUT RESERVATION ON YOUR PART OF THE CONDITIONS OUTLINED BELOW. IF YOU DO NOT ACCEPT THESE CONDITIONS, DO NOT ACCESS THE WEB SITE OR ANY OF ITS PAGES.

Important Information

The content of this website is intended to Professional Investors. If you are a Private Investor, you should ensure to select the correct investor category when you enter this site, as failure to do so may result in you accessing material about investment funds and investment services which may not be suitable for you and/or may not be available for you to invest in.

Limited access

The information provided herein is also intended for Users in territories where it is permissible for Users to access information. This website may indeed contain information about funds established in different jurisdictions and/or investment services offered too. Please consult the specific sections and material to obtain more information. Users are responsible for ascertaining they are legally authorized to consult the information herein and should therefore ensure the investor category chosen to enter this website is correct.

Use of Cookies

Cookies help us collect data about you and how you use our website. For example, we are interested in knowing which internet browser is used, how long you visited the website and which pages you looked at. Information gathered are used to understand how we can improve the design and functionality of our website to better serve you in future. However, if you wish to restrict the cookies set by us or by any third-party sites, you may generally disable cookies in your internet browser. Your browser help function should let you know how to do this. Please keep in mind that restricting cookies may impact your experience and the functionality on this website.

The Interactive Advertising Bureau has produced a guide which explains how cookies work and how they are managed. Please visit www.allaboutcookies.org to read more on this subject.

iMGP Funds Sicav

The data and information featured on this web site are provided free of charge and solely for information purposes. The information contained herein constitutes neither an offer to purchase nor a solicitation to sell and may not be construed as an investment recommendation on the part of iM Global Partner Asset Management or other entities of the group iM Global Partner, its affiliates, managers, officers, or employees (hereafter « iMGP ») and has no legal or contractual value. Furthermore, any reference to a specific security in any published material is included by way of illustrative example and should not be construed as a recommendation to purchase, hold or sell such a security nor does it in any manner constitute the provision of investment advice in relation to same. The iMGP Sicav ( hereafter « iMGP » or « iMGP Funds » or « Fund ») has not taken any measures to adapt to each individual investor who remains responsible for his own independent decisions. Any investment in the funds presented on the web site must be made in conformity with the related legal documentation in force (prospectus, Key Investor Information Documents), as approved, where applicable, by the regulatory authority in your country. iMGP Funds is an open-ended umbrella investment company established and regulated in Luxembourg. The iMGP Sicav is not open to citizens or residents of the USA or to any other party deemed to be a US person. iMGP Funds’ current Prospectus and Key Investor Information Document, by –laws and the Annual and Half Yearly Reports of the Fund can be obtained on this website or from the iMGP offices at 5, Allée Scheffer, L-2520 Luxembourg or from the Agents and Representatives listed on this website for the specific jurisdictions where iMGP Funds are registered and this marketing document is intended for use only in those specific jurisdictions. Investors are advised that they should consult the Prospectus before seeking to subscribe. Moreover, investors are also advised to consult their legal, financial or tax advisors before taking any investment decisions.

Investors are reminded that past performance is not an indicator of future returns, nor does it guarantee future profits, and that they risk, in some cases, losing all or part of the amount initially invested. An investment may increase or decrease by virtue, in particular, of market fluctuations and exchange rate variations in the currency in which the Sub-fund is invested where this differs from the currency of the shareholder.

Disclosure in respect of iM Global Partner Asset Management

Any reference to iM Global Partner Asset Management (« iMGP AM ») or iM Global Partner (« iMGP ») in the material published on this website should be construed as being a reference to one or more of the legal entities, listed below, dependent on the particular jurisdiction in which it is being accessed.

iMGP AM is the Luxembourg management company of iMGP Funds

iMGP is a French regulated entity which represents and distributes iMGP Funds that have been registered in France having branches in Italy, Spain, Germany and also subsidiaries in Switzerland and in the UK for that purpose. iMGP AM is also a subsidiary of iMGP.

Use of links

This website may direct you to automatic links to other websites. Use of these links is made at your own risk. iMGP and the Fund will not have developed, verified the accuracy or scrutinised the data contained in the aforementioned links. iMGP and the Fund may not be held responsible for damage or losses caused by delays, defects or omissions that may exist in the real, indicated or indirect services, information or other content provided on this site. iMGP and the Fund give no guarantee, makes no declaration and will not be held responsible for any content transmitted by electronic means to a third party, including the accuracy, subject, quality or the appropriate character of said content.

Copyrights and Trademarks

The entire content of this website is subject to copyright with all rights reserved to iMGP and the Fund. You may download or print out a hard copy of individual pages and/or sections of the website, provided that you do not remove any copyright or other proprietary notices. Any downloading or otherwise copying from the website will not transfer title to any software or material to you. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public or commercial purpose the website without the prior written permission of iMGP.

By clicking on the « Accept » button, you expressly acknowledge that you have read the aforementioned and that you are authorized by the applicable law to access this website.

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iMGP Euro Select Fund

Francesco Rustici
Portfoliomanager, Zadig Asset Management

Eine unternehmerische Kultur

Francesco Rustici, leitender Portfoliomanager des iMGP Euro Select Fund, spricht mit Simon Frey über seinen Hintergrund und den Investmentansatz von Zadig.

Wie haben Sie im Finanzbereich angefangen?

Ich begann meine Karriere 1996 und bin seit 28 Jahren in der Finanzbranche tätig. In den ersten acht Jahren arbeitete ich für große Unternehmen wie die Citigroup und die Zurich Group, bevor ich in die Welt der Hedgefonds wechselte.
Der erste Hedge-Fonds war Theorema, anschließend war ich neun Jahre lang bei Chilton Investment tätig. Dort war ich stellvertretender Manager eines europäischen Aktienfonds mit Long/Short-Strategie.
Im Jahr 2020 kam ich zu Zadig mit dem Mandat, die neu aufgelegte Strategie Memnon European Opportunities zu verwalten.
Was hat mich an diesem Bereich gereizt? 1996 galt die Finanzwelt – insbesondere London – als einer der spannendsten Orte für junge Hochschulabsolventen. Ich war begeistert von der Vorstellung, dort zu arbeiten. Meine Karriere begann jedoch in Zürich, wo ich 18 Monate tätig war, bevor ich meinen Traum verwirklichte und in die Londoner City wechselte.

Simon Frey,
Director - Distribution (Switzerland & Liechtenstein)

Warum haben Sie sich für Midcaps interessiert?

In meinen vorherigen Positionen lag der Fokus nicht explizit auf Mid-Caps, doch ich hatte stets das Gefühl, dass dies mein Spezialgebiet ist und ich in diesem Segment besonders erfolgreich investiere.
Mit der Memnon European Opportunities Strategie bei Zadig gibt es mehrere Gründe, warum wir Mid-Cap-Investments bevorzugen.
Erstens bietet sich hier die Möglichkeit, die sogenannte Forschungslücke zu nutzen. In Europa gibt es rund 600 Aktien, die von Analysten gut abgedeckt werden. Mehr als die Hälfte davon sind Large Caps. Je kleiner die Marktkapitalisierung, desto dünner wird die Analystenabdeckung – und genau das sehen wir als Chance.
Zweitens kommt es bei Mid-Caps häufiger zu Übernahmen, die Bewertungsdifferenzen offenlegen. Die Wahrscheinlichkeit einer Übernahme ist in diesem Segment doppelt so hoch wie bei Large Caps. Tatsächlich erhielten sechs unserer Positionen in den letzten dreieinhalb Jahren Übernahmeangebote.

Die Wahrscheinlichkeit einer Übernahme ist in diesem Segment doppelt so hoch wie bei Large Caps.

Wie sieht Ihr Investment- und Research-Prozess aus?

Unser Research-Ansatz ist äußerst diszipliniert. Ein zentraler Bestandteil unserer täglichen Arbeit ist die Aktualisierung unserer Unternehmensmodelle. Wir führen detaillierte Modelle für jedes Unternehmen, in das wir investieren, sowie für viele weitere. Wir versuchen auch, so oft wie möglich mit den Managern der Unternehmen zusammenzutreffen.
Eine Besonderheit ist, dass wir versuchen, die Bequemlichkeit des Marktes auszunutzen. Während der Markt Stabilität bevorzugt und Unsicherheit meidet, scheuen wir uns nicht vor kontroversen oder vom Konsens abweichenden Ideen – solange das Risiko-Ertrags-Verhältnis attraktiv ist.
Ich bezeichne unseren Ansatz als „Contrarian at birth, momentum during life“. Wir suchen nach einer Diskrepanz zwischen unseren Ansichten und der Marktmeinung. Dann suchen wir nach einem Weg, der diese Lücke im Laufe der Zeit verkleinern wird.

Können Sie uns sagen, wie Ihr Team zusammenarbeitet?

Zadig war von Beginn an ein kleines, eng vernetztes Unternehmen. Unser Investmentteam arbeitet daher sehr kollaborativ, ohne eine feste Trennung zwischen Mid- und Large-Caps oder einzelnen Sektoren, obwohl jeder von uns einen spezifischen Hintergrund oder eine besondere Stärke hat.
Unsere Modelle sind so strukturiert, dass sie für jeden im Team zugänglich und nachvollziehbar sind. Jedes Modell folgt einem einheitlichen Standard, sodass jeder Analyst einsteigen und die Annahmen sowie Schlussfolgerungen sofort verstehen kann.
Diese offene und unternehmerische Kultur ist tief in der DNA von Zadig verankert. Wir betrachten uns nicht nur als Eigentümer des Unternehmens, sondern auch als Eigentümer unserer Investmentideen – und sind daher selbst stark in unsere Portfolios investiert.

Diese offene und unternehmerische Kultur ist tief in der DNA von Zadig verankert. Wir sind selbst stark in unsere Portfolios investiert.

Sie möchten mehr über iMGP US Small and Mid Company Growth erfahren

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Zadig Asset Management wurde 2005 in London (Vereinigtes Königreich) gegründet und ist ein europäischer Aktienspezialist, der sich im Besitz und unter der Kontrolle der Mitarbeiter befindet und über Niederlassungen in Luxemburg verfügt.

Die Ende Dezember 2024 Vermögen von 1,2 Milliarden US-Dollar verwaltete.

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