The objective is to outperform the MSCI World (dividend reinvested) index over a long-term period (minimum of five years) by investing in international equities involved in the consumption related to individual self-fulfilment and well-being.
The investment universe is wide and multisector. The spectrum revolves around 4 axes:
- Digital practical tools: e-commerce, virtual payment means, etc.
- Health & well-being: sports, cosmetics, etc.
- Leisure (indoor & outdoor): streaming services, DIY, restaurants, travels, etc.
- Premium consumption: luxury, automotive, hostels, etc.
The investment process includes a sustainable approach to exclude the companies with the worst ESG ratings, as a whole or on specific criteria, and those subjected to controversies. A geographical and sector preference can be decided, depending on economic context and on specific sectors indicators such as tourism flows. The stock picking is based on a double analysis on qualitative criteria (attractiveness of the market in which the company is set, geographical exposure) and quantitative criteria (valuation, cost-effectiveness analysis).
Within each sector, a particular attention is given to the proper strategic outlook of each company management. The investment team is meeting about 100 companies each year to this end. The final portfolio is finally built according to the conviction level of the management team.