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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.

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 US Small and Mid Company Growth

Rayna Lesser
Gérante, Polen Capital

En quête de durabilité sur le segment des petites et moyennes capitalisations

Rayna Lesser Hannaway, gérante du fonds iMGP US Small and Mid Company Growth, évoque avec Matthieu Beyler la mise en œuvre de la philosophie de gestion de Polen sur le segment des petites capitalisations américaines.

Pouvez-vous présenter votre méthodologie et la stratégie Polen U.S. Small and mid company Growth ?

Polen Capital a été fondée en 1979 et a lancé la stratégie Polen Focus Growth en 1989. Nous mettons donc en œuvre, depuis plus de 30 ans, une approche de croissance qualitative ciblée au travers de laquelle nous investissons à la manière de propriétaires d'entreprise. Nous avons lancé notre stratégie U.S. Small Company Growth il y a quatre ans avec le même état d'esprit : identifier les meilleures entreprises parmi les petites et moyennes capitalisations pour les conserver à long terme.

Matthieu Beyler,
Director Distribution France & Luxembourg

Comment identifiez-vous les « meilleures » entreprises ?

"Pour qu’une société soit intégrée au portefeuille, elle doit répondre à des critères très stricts. Notre portefeuille est très concentré, notamment dans le segment des petites et moyennes capitalisations. Nous détenons de 25 à 35 titres et avons donc une part active très élevée et une forte conviction dans le potentiel de ces entreprises.
Pour atteindre ce degré de conviction, nous devons nous trouver en présence de ce que nous appelons « Une cinétique d'investissement ». Cette cinétique nécessite en premier lieu une solide position concurrentielle et le support d’une tendance à long terme. Elle signifie également un processus de ventes systématique qui permette à l'entreprise de continuer à générer une croissance organique, de solides marges et des flux de trésorerie. L’équipe de direction doit aussi être efficace et savoir réinvestir dans l'entreprise afin d’en assurer la croissance et de maintenir ou renforcer la position concurrentielle. C'est pour cela que nous qualifions ce cadre de « cinétique »."

Nous détenons de 25 à 35 titres et avons donc une forte conviction dans le potentiel de ces entreprises.

Quel est votre horizon d'investissement ?

Nous sommes convaincus que certaines des tendances qui existaient avant la pandémie vont bénéficier d'un effet accélérateur en raison des nouvelles habitudes de travail. Nous sommes nombreux à télétravailler, et cela va faire évoluer nos habitudes. La transition vers le cloud continuera, selon nous, de bénéficier de cette tendance.
Nous nous plaçons généralement dans une optique d’investissement entre trois et cinq ans. Mais nous voulons acheter une entreprise qui bénéficie d'une tendance qui persistera au-delà de cet horizon de temps. Notre objectif est que le cours de l'action s’apprécie de manière raisonnable sur notre période de détention.
Il faut garder en tête que même les entreprises vraiment bien gérées peuvent connaître des difficultés à court terme. Mais, d'après notre expérience, si l'équipe de direction est agile et peut s’adapter à différentes situations, ces entreprises peuvent trouver des moyens de pérenniser leur croissance et de générer les liquidités nécessaires au maintien d'un modèle économique solide. Cela dépend vraiment de l'entreprise, et nous pensons que les celles sur lesquelles nous sommes positionnés sont bien adaptées pour pouvoir non seulement survivre pendant cette période, mais aussi, dans certains cas, prospérer grâce aux conditions actuelles.

Même les entreprises vraiment bien gérées peuvent connaître des difficultés à court terme.

Dans quelles circonstances décidez-vous de sortir une société du portefeuille ?

Trois raisons peuvent nous pousser à prendre une telle décision. La première serait le fait d'identifier une meilleure alternative. La deuxième serait un non-respect des critères que nous imposons aux entreprises pour les sélectionner. De la même manière qu’une société doit répondre à des critères stricts pour que nous la sélectionnions, nous sommes très exigeants quant aux critères pour la conserver. Si ces critères ne sont pas respectés et que la capacité à long terme de l’entreprise à capitaliser sa valeur est altérée, au-delà de tout ajustement temporaire pour se remettre sur les rails, nous vendrons le titre. Troisième et dernière raison, nous sommes prêts à nous séparer de sociétés affichant une capitalisation boursière plus importante pour investir dans des sociétés plus petites, si nous estimons que la performance sera similaire ou supérieure.

En savoir plus sur iMGP US Small & Mid Company Growth

Philosophie d'investissement

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Fondée en 1979 Polen Capital est une société de gestion basée à Boca Raton (Floride, Etats-Unis). Spécialiste des actions américaines et mondiales de croissance, elle met en œuvre une gestion concentrée avec une approche axée sur la préservation du capital à long-terme.

$64,6 milliards d’actifs à fin septembre 2024.
Les chiffres des actifs comprennent les actifs discrétionnaires et non discrétionnaires.

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