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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
Portfolio Manager, Zadig Asset Management

An entrepreneurial culture

Francesco Rustici, lead portfolio manager of the iMGP Euro Select Fund, discusses his background and Zadig’s approach to choosing stocks with David Barfoot.

How did you start out in finance?

I started in 1996 so it’s been 28 years. For the first eight years I was with larger firms, like Citigroup and the Zurich Group, and then I moved to work with hedge funds.
The first was a hedge fund called Theorema and then I was with Chilton Investment for nine years, where I was the deputy manager of a European equities fund which was a long/short strategy.
In 2020, I joined Zadig with the mandate of managing the newly launched Memnon European Opportunities strategy.
Why was I attracted to this field? If you can picture it, back in 1996 the world of finance, and London in particular, was the coolest thing to do for a young graduate so that’s why I was excited to come here. But I had actually started my career in Zurich, Switzerland. I was there for 18 months before realising my dream of working in the City of London.

David Barfoot,
Director – Distribution (UK & Ireland)

Why were you interested in mid-caps?

In my previous jobs there was never a specific focus on mid-caps but I’ve always felt it was my bread and butter and it’s an area where I’ve been successful with my investments. At Zadig with the Memnon European Opportunities strategy, there are a couple of things that we like about mid-cap investing.
One is the opportunity to exploit what we call the research gap. In Europe there are around 600 stocks that are well researched by the sales side. More than half of these are large-cap companies, but as you move down the market cap spectrum the coverage worsens, so we try to exploit this.
The other is that, often when there’s a valuation discrepancy, mergers and acquisition activity is going to disclose that discrepancy. The probability of a company being taken over is twice as high with mid-caps as with large-caps. And in fact, in the last three-and-a-half-years, we’ve had six positions that received a takeover offer.

The probability of a stock being taken over is about 2 times higher with mid caps as with large caps.

What is your research process?

We are well disciplined with the way we do research. Our daily routine is made up of updating our company models; we have a model for each company we are invested in and for hundreds more. We also try to meet the company managers as often as possible.
One particularity is that we try to take advantage of the comfort bias in the market. The market doesn’t like uncertainty, it likes perceived earnings security, whereas we don’t shy away from controversies or ideas that are not the consensus as long as the risk/reward is attractive. We’re disciplined at measuring risk and reward. I describe this approach as contrarian at birth, momentum during life. We look for a gap between our views and the market’s views. Then we look for a path that will narrow this gap over time.
An important thing to note is that really well-run businesses might have some short-term hiccups. But, in our experience, if the management team is agile and they have a culture that can adapt to situations, these businesses can find ways to continue to grow and also generate the cash that’s necessary to maintain the strong business model.

Can you tell us about how your team works together?

Zadig has always been a small firm so the investment team has always been very close. There is not a distinct mid-caps or large-caps team. We look at companies across the market cap spectrum, as well as across different sectors, although each one of us has a specific background or strength.
The way we build our models is that they don’t belong to anyone. We build each one the same way so that each person can jump into the model and figure out what the assumptions are and what the conclusions are. It’s all standardized and a team-based approach. It’s also part of the Zadig culture to be very entrepreneurial. We all feel that we are not only owners of the firm, but also owners of the ideas in the portfolio, so we’re all heavily invested in our portfolios.

It’s also part of the Zadig culture to be very entrepreneurial ...we’re all heavily invested in our portfolios.

Do you want to know more about iMGP Euro Select Fund ?

The investment philosophy

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Fund performance

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Managed by

Founded in 2005 in London (United Kingdom), Zadig Asset Management is a European equities specialist, employee-owned and controlled with operational offices in Luxembourg.

The firm had $1.2bn AUM at the end of December 2024.

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