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OYSTER

The data and information featured on this website 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. OYSTER ( hereafter « OYSTER », « OYSTER 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 website 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. Oyster is an open-ended umbrella investment company established and regulated in Luxembourg. OYSTER is not open to citizens or residents of the USA or to any other party deemed to be a US person. OYSTER’s current prospectus, key investor information document, by-laws and the annual and, if any subsequent, the semi-annual reports of the Fund can be obtained on this website or from the OYSTER offices at 5, Allée Scheffer, L-2520 Luxembourg or from the Agents and Representatives listed on this website for the specific

jurisdictions where OYSTER is registered. Investors are advised that they should consult the Prospectus before seeking to subscribe and for further details on the risks involved. 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 OYSTER.

iMGP is a French regulated entity which represents and distributes OYSTER 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.

OYSTER

The data and information featured on this website 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. OYSTER ( hereafter « OYSTER », « OYSTER 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 website 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. Oyster is an open-ended umbrella investment company established and regulated in Luxembourg. OYSTER is not open to citizens or residents of the USA or to any other party deemed to be a US person. OYSTER’s current prospectus, key investor information document, by-laws and the annual and, if any subsequent, the semi-annual reports of the Fund can be obtained on this website or from the OYSTER offices at 5, Allée Scheffer, L-2520 Luxembourg or from the Agents and Representatives listed on this website for the specific

jurisdictions where OYSTER is registered. Investors are advised that they should consult the Prospectus before seeking to subscribe and for further details on the risks involved. 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 OYSTER.

iMGP is a French regulated entity which represents and distributes OYSTER 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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OYSTER US Value

Eric Lynch
Managing director of Scharf Investments

Concentrarsi su 25-30 delle nostre migliori idee

Eric Lynch, amministratore delegato di Scharf Investments parla con Marco Orsi di come il fondo OYSTER US Value sia concentrato maniacalmente sulla protezione del capitale dei clienti e perché è un fondo “value” atipico.

Cosa distingue il vostro approccio rispetto ad altri investitori value?

La maggior parte dei gestori value tradizionali si concentra esclusivamente sulla “mean reversion”(1) del valore delle attività o degli utili di una società. Poiché le aziende cicliche presentano naturalmente una maggiore variabilità degli utili e un potenziale di “reversion” più elevato, i gestori value spesso si concentrano su aziende di qualità inferiore o cicliche. Inoltre, gli investitori value tradizionali sono spesso attratti da "trappole di valore"(2) con multipli altrettanto bassi, o da società che affrontano un declino secolare permanente. Effettuare temporalmente il corretto acquisto di un'azienda ciclica è molto difficile. Scommettere contro le forze competitive strutturali lo è ancora di più.
Anche Scharf Investments crede anche nella mean reversion. Tuttavia, l'azienda afferma che il potenziale di “mean reversion” migliora considerevolmente quando si limita la selezione dei titoli ad aziende di alta qualità, o aziende con una sostenibilità dei guadagni superiore nel corso di un ciclo economico, rendimenti del capitale superiori, bilanci forti e gestione orientata agli azionisti. L'azienda ritiene che la qualità del valore tenda a fornire una sovraperformance materiale in mercati avversi e in fase di consolidamento e a determinare una sovraperformance corretta per il rischio su cicli di mercato completi.

Marco Orsi,
Director Distribution Italy, Greece & Ticino

Perché avete un portafoglio così concentrato?

Per tre motivi:
1) Le aziende di qualità non hanno prezzi a sconto tipici degli investimenti Value;
2) Un portafoglio di 25-30 titoli è sufficiente per eliminare quasi tutto il rischio non sistemico; e
3) Un portafoglio concentrato permette una ricerca più approfondita, migliora la gestione del rischio e aumenta il potenziale di rendimento rispetto a un portafoglio con un gran numero di partecipazioni.

Un portafoglio di 25-30 titoli è sufficiente per eliminare quasi tutto il rischio non sistemico

Come si identificano le aziende con forti fondamentali economici?

La storia non si ripete, ma a volte si assomiglia. Portando avanti una fiosofia d’investimento simile al giuramento d’Ippocrate, Scharf Investments si concentra maniacalmente sulla protezione del capitale del cliente. Il team d'investimento limita la selezione dei titoli a società con una prevedibilità degli utili da primo decile /quartile in riferimento all’ultimo ciclo economico ed esegue ricerche approfondite sulle performance azionarie e operative nel corso di decenni di storia, se disponibili. Tutte le aziende cambiano o si evolvono, la maggior parte si deteriora. Alcune, tuttavia, hanno vantaggi competitivi sostenibili che il mercato temporaneamente ignora. L'azienda fa ricerche approfondite su un gruppo selezionato di aziende per identificare i “winners” ed i “loosers”.
I partecipanti al mercato azionario a volte si concentrano più sulla performance aziendale di un anno (o anche meno) e meno sulle prospettive a lungo termine. Scharf Investments cerca di sfruttare le opportunità di "dead money"(3) a breve termine, estendendo l'orizzonte temporale investendo continuamente in titoli con forti potenziali e a valutazione ridotta. Tutti i titoli acquistati devono avere un potenziale di rialzo del 30% in più rispetto al “fair value”(4) del caso base valutato e, altrettanto importante, solo un potenziale di ribasso del 10-15%. Questo rapporto di 3 a 1 (Favorability Ratio) è un requisito importante del portafoglio e aiuta a garantire che il team d'investimento acquisti aziende con un sufficiente margine di sicurezza, pur prospettando rendimenti futuri convincenti. Un superiore requisito di prevedibilità degli utili - passato e futuro - aiuta ad evitare le “Value Trap”.

Come vede l'evoluzione dell'ESG nel suo portafoglio?

Scharf Investments attualmente incorpora il rischio finanziario ESG (tramite il servizio di dati ESG Sustainalytics di Morningstar) nel processo di investimento come strumento di gestione del rischio e di investimento. Tuttavia, l'attenzione storica della strategia sulla resilienza degli utili e sulla crescita durevole ha sempre portato a un portafoglio di aziende generalmente sostenibili. Le origini dell'azienda e i clienti situati nella California del Nord, di mentalità progressista, hanno anche mantenuto il team d'investimento storicamente orientato verso l'ESG, anche prima che l'ESG diventasse così prevalente e "quantificato". Due dei fondi comuni americani di Scharf hanno un rating di rischio ESG Morningstar Sustainalytics nel primo 10% del loro universo.
Il team di investimento ha storicamente escluso il tabacco, il gioco d’azzardo e tende ad evitare le aziende che presentano gravi problemi sociali. Per esempio, abbiamo escluso Facebook fino ad oggi, nonostante una valutazione convincente a volte, a causa di preoccupazioni circa le false informazioni e gli impatti sull'autostima e la salute mentale degli utenti.

L'attenzione storica della strategia sulla resilienza degli utili e sulla crescita durevole ha sempre portato a un portafoglio di aziende generalmente sostenibili

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La filosofia d'investimento

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Performancce del fondo

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Gestito da

Fondata nel 1983, Scharf Investments è una società di gestione patrimoniale con sede nella Scotts Valley (California, USA). Specializzata in titoli azionari statunitensi value, implementa una gestione fondamentale e concentrata con un approccio prudente.

3,7 miliardi di dollari di attività ad aprile 2021

Visita Scharf Investments

Volete saperne di più su l’intera gamma OYSTER

Contattateci

(1) - La “mean reversion” è una teoria usata in finanza che suggerisce che la volatilità dei prezzi delle attività e i rendimenti storici alla fine torneranno alla media di lungo periodo o al livello medio dell'intero set di dati.Questo livello medio può apparire in diversi contesti come la crescita economica, la volatilità di un'azione, il rapporto prezzo/utili di un'azione (rapporto P/E), o il rendimento medio di un settore.

(2) - Una “Value Trap” è un'azione o un altro investimento che sembra essere a buon mercato perché è stato scambiato a basse metriche di valutazione, come i multipli in termini di prezzo agli utili (P/E), prezzo al flusso di cassa (P/CF), o prezzo al valore contabile (P/B) per un lungo periodo di tempo. Una trappola del valore può attrarre investitori che stanno cercando un affare perché sembrano poco costosi rispetto ai multipli di valutazione storici del titolo o rispetto a quelli dei pari del settore o al multiplo di mercato prevalente. Il pericolo di una trappola del valore si presenta quando il titolo continua a languire o a scendere ulteriormente dopo che un investitore ha comprato l'azienda.

(3) - Dead money, un termine finanziario usato nei mercati azionari che si riferisce al denaro investito che non sta guadagnando interessi, dividendi o plusvalenze

(4) - Il “fair value” è un termine con diversi significati nel mondo finanziario. Negli investimenti, si riferisce al prezzo di vendita di un'attività concordato da un compratore e un venditore consenzienti, supponendo che entrambe le parti siano consapevoli ed entrino nella transazione liberamente. Per esempio, i titoli hanno un “fair value” che è determinato da un mercato dove sono scambiati. In contabilità, il “fair value” rappresenta il valore stimato di varie attività e passività che devono essere elencate nei libri contabili della società.