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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.

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
Gestionnaire de portefeuille, Zadig Asset Management

Une culture entrepreunariale

Francesco Rustici, gérant principal du fonds iMGP Euro Select Fund, parle de son parcours et de l'approche de Zadig en matière de sélection des actions avec Matthieu Beyler.

Comment avez-vous débuté dans la finance ?

J'ai commencé en 1996, cela fait donc 28 ans. Pendant les huit premières années, j'ai travaillé dans de grandes entreprises, comme Citigroup et le groupe Zurich, puis j'ai rejoint le monde des fonds spéculatifs.
J'ai d'abord travaillé pour un hedge fund appelé Theorema, puis pour Chilton Investment pendant neuf ans, où j'étais gérant adjoint d'un fonds d'actions européennes qui appliquait une stratégie long/short.
En 2020, j'ai rejoint Zadig avec pour mission de gérer la nouvelle stratégie Memnon European Opportunities.
Qu’est-ce qui m’a attiré dans ce domaine ? En 1996, le monde de la finance, et Londres en particulier, était l’un des secteurs les plus attractifs pour un jeune diplômé, ce qui m’a enthousiasmé à l'idée d’y travailler. J’avais en réalité commencé ma carrière à Zurich, en Suisse où je suis resté 18 mois avant de réaliser mon rêve de travailler dans la City de Londres.

Matthieu Beyler,
Director - Distribution (France & Luxembourg)

Pourquoi vous êtes-vous intéressé par les mid-cap ?

Je n’avais jamais mis l'accent sur les mid-cap à mes postes précédents, mais j'ai toujours considéré que c'était mon domaine de prédilection et un segment dans lequel j’ai obtenu de bons résultats avec mes investissements. Chez Zadig, avec la stratégie Memnon European Opportunities, plusieurs éléments nous attirent vers les mid-cap.
Tout d’abord, elles nous permettent d'exploiter ce que nous appelons le déficit de recherche. En Europe, environ 600 actions sont bien couvertes par les analystes du côté vendeurs. Plus de la moitié d'entre elles sont des sociétés à grande capitalisation, mais plus on descend dans l'échelle des capitalisations boursières, plus la couverture se réduit. Nous cherchons donc à tirer parti de cette opportunité.
Ensuite, lorsqu’il existe une anomalie de valorisation, les fusions et acquisitions tendent souvent à la révéler. La probabilité qu'une entreprise soit rachetée est deux fois plus élevée pour les sociétés à moyenne capitalisation que pour les sociétés à grande capitalisation. D’ailleurs, au cours des trois dernières années et demie, six de nos positions ont reçu une offre de rachat.

La probabilité qu'une entreprise soit rachetée est deux fois plus élevée pour les sociétés à moyenne capitalisation que pour les sociétés à grande capitalisation.

Quel est votre processus de recherche ?

Notre approche de la recherche est très rigoureuse. Notre routine quotidienne consiste à mettre à jour nos modèles d'entreprise : nous avons un modèle pour chaque entreprise dans laquelle nous investissons, ainsi que pour des centaines d'autres. Nous nous efforçons également de rencontrer les dirigeants d’entreprises aussi souvent que possible.
Une particularité de notre approche est que nous cherchons à tirer parti du biais de confort du marché. Le marché n'aime pas l'incertitude et privilégie une perception de sécurité des bénéfices. A l’inverse, nous ne craignons pas les controverses ni les idées qui vont à contre-courant, tant que le rapport risque/récompense nous semble attractif. Nous évaluons ce dernier de manière stricte et disciplinée. Je décris notre approche comme étant « contrariante à l’origine, et dynamique dans son évolution ». Nous identifions un écart entre notre analyse et la perception du marché puis nous traçons une trajectoire qui permettra de combler cet écart progressivement.

Pouvez-vous nous parler du fonctionnement de votre équipe ?

Zadig a toujours été une petite structure, ce qui a favorisé une forte cohésion au sein de l’équipe d’investissement. Il n'existe pas de séparation stricte entre les équipes dédiées aux moyennes ou aux grandes capitalisations : nous analysons les entreprises sur l’ensemble du spectre des capitalisations boursières et des secteurs, bien que chacun d'entre nous ait des compétences ou une expérience propres.
Nous construisons nos modèles de manière qu'ils soient accessibles à tous. Chacun est conçu selon le même format, permettant à n’importe quel membre de l’équipe d’y accéder, d’en comprendre les hypothèses et d’en tirer les conclusions. C’est un processus standardisé et collaboratif. L'esprit entrepreneurial fait également partie de la culture de Zadig. Nous avons tous le sentiment d'être non seulement impliqués en tant que propriétaires de l'entreprise, mais aussi responsables des idées du portefeuille. C’est pourquoi nous sommes fortement investis dans nos propres stratégies d’investissement.

L'esprit entrepreneurial fait également partie de la culture de Zadig. Nous avons tous le sentiment d'être responsables des idées du portefeuille.

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Fondée en 2005 à Londres (Royaume-Uni), Zadig Asset Management est une société spécialisée dans les actions européennes, détenue et contrôlée par ses employés et dont les bureaux opérationnels sont situés au Luxembourg.

$1.2 Mrd. d’actifs sous gestion à fin décembre 2024.

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