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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.

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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.

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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.

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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
Gestor de cartera, Zadig Asset Management

Una cultura empresarial

Francesco Rustici, principal gestor de cartera del iMGP Euro Select Fund, comenta con Alberto Martínez Peláez su trayectoria y el enfoque de Zadig a la hora de elegir valores.

¿Cómo empezó en el mundo de las finanzas?

Empecé en 1996, así que han pasado 28 años. Los primeros ocho años trabajé en grandes empresas, como Citigroup y Zurich Group, y luego pasé a trabajar con hedge funds.
El primero fue un hedge fund llamado Theorema y luego estuve nueve años con Chilton Investment, donde fui subdirector de un fondo de renta variable europea long/short.
En 2020, me incorporé a Zadig con el mandato de gestionar la recién lanzada estrategia Memnon European Opportunities.
¿Por qué me atrajo este campo? Si se lo imagina, en 1996 el mundo de las finanzas, y Londres en particular, era lo más cool para un joven licenciado, así que por eso me entusiasmó venir aquí. Pero en realidad había empezado mi carrera en Zúrich, Suiza. Allí estuve 18 meses antes de hacer realidad mi sueño de trabajar en la City londinense.

Alberto Martínez Peláez,
Director - Distribution (Iberia, US Offshore & LATAM)

¿Por qué se interesó por las empresas de mediana capitalización?

En mis anteriores trabajos nunca me centré específicamente en las empresas de mediana capitalización, pero siempre he creído que era mi pan de cada día y es un ámbito en el que he tenido éxito con mis inversiones. En Zadig, con la estrategia Memnon European Opportunities, hay un par de cosas que nos gustan de la inversión en empresas de mediana capitalización.
Una es la oportunidad de explotar lo que llamamos la brecha de investigación. En Europa hay unos 600 valores que están bien estudiados por el lado de las ventas. Más de la mitad son empresas de gran capitalización, pero a medida que se desciende en el espectro de capitalización bursátil la cobertura empeora, por lo que intentamos aprovecharlo.
La otra es que, a menudo, cuando hay una discrepancia de valoración, la actividad de fusiones y adquisiciones va a revelar esa discrepancia. La probabilidad de que una empresa sea adquirida es el doble en las empresas de mediana capitalización que en las de gran capitalización. Y de hecho, en los últimos tres años y medio, hemos tenido seis posiciones que recibieron una oferta de adquisición.

La probabilidad de que una empresa sea adquirida es el doble en las empresas de mediana capitalización que en las de gran capitalización.

¿Cuál es su proceso de investigación?

Somos muy disciplinados con nuestra forma de investigar. Nuestra rutina diaria consiste en actualizar nuestros modelos de empresa; tenemos un modelo para cada empresa en la que invertimos y para cientos más. También intentamos reunirnos con los directivos de las empresas tan a menudo como nos es posible.
Una particularidad es que intentamos aprovechar el sesgo de comodidad del mercado. Al mercado no le gusta la incertidumbre, le gusta la seguridad percibida en los beneficios, mientras que nosotros no rehuimos las controversias o las ideas que no son de consenso siempre que la relación riesgo/recompensa sea atractiva. Somos disciplinados a la hora de medir el riesgo y la recompensa. Describo este enfoque como contrarian al nacer, momentum durante la vida. Buscamos una brecha entre nuestras opiniones y las del mercado. Luego buscamos un camino que reduzca esta brecha con el tiempo.

¿Puede hablarnos de cómo trabaja su equipo?

Zadig siempre ha sido una empresa pequeña, por lo que el equipo de inversión siempre ha estado muy unido. No hay un equipo distinto de empresas de mediana y gran capitalización. Estudiamos empresas de todo el espectro de capitalización bursátil, así como de distintos sectores, aunque cada uno de nosotros tiene una formación o un punto fuerte específico.
La forma en que construimos nuestros modelos es que no pertenecen a nadie. Construimos cada uno de la misma manera para que cada persona pueda saltar al modelo y averiguar cuáles son los supuestos y cuáles son las conclusiones. Todo está estandarizado y es un enfoque de equipo. También forma parte de la cultura de Zadig: ser muy emprendedor. Todos sentimos que no sólo somos propietarios de la empresa, sino también de las ideas de la cartera, por lo que todos estamos invertidos en nuestras carteras.

También forma parte de la cultura de Zadig: ser muy emprendedor. Todos sentimos que todos estamos invertidos en nuestras carteras.

¿ Quieres saber más sobre iMGP Euro Select Fund ?

La filosofía de inversión

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Rentabilidad de los fondos

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Gestionado por

Fundada en 2005 en Londres (Reino Unido), Zadig Asset Management es una empresa especializada en renta variable europea, propiedad de sus empleados y controlada por ellos, con oficinas operativas en Luxemburgo.

1,2 mil mill de dólares en activos bajo gestión a finales de diciembre 2024.

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