Our investment style is bottom-up. We start from the analysis of the single potential investments, ranging from corporate issuers of stocks or bonds to government bonds, investment funds, currencies etc. After a comparative study of risks and opportunities of the single positions we build up the portfolios respecting the ties and limits of each single fund.
When examining the companies we look at their competitive positioning in the sector, the quality of the management, the growth potential, the tangible and intangible assets, the debt sustainability, the cash flows projection and, in the case of companies operating in emergent countries, we ponder the country risk. The analysis demands on site visits to the head offices of the companies, meetings with the management, comparisons with the competitors, collection of information from suppliers and customers. This process leads to the production of reports for internal use both for equity and bond investments.
When examining the companies we look at their competitive positioning in the sector, the quality of the management, the growth potential, the tangible and intangible assets, the debt sustainability, the cash flows projection and, in the case of companies operating in emergent countries, we ponder the country risk. The analysis demands on site visits to the head offices of the companies, meetings with the management, comparisons with the competitors, collection of information from suppliers and customers. This process leads to the production of reports for internal use both for equity and bond investments.
