A selection of small and medium-size European companies, disciplined management, with a focus on Growth, Quality and Valuation.
“European small and mid-cap companies can offer excellent potential, but there are some traps to avoid, such as confusing a fashionable trend with true growth potential, or not being sufficiently wary of valuations. The companies we select for this sub-fund must be positioned on a sustainable growth trend and must meet our quality criteria, particularly in terms of cash flow generation, which is in our DNA. But these companies still need to be reasonably valued. The strict discipline we observe when buying or selling a company is another way that we can enhance potential return”.
Jean-Mickaël Dos Santos
The sub-fund’s manager, Small & Mid Cap Equity Analyst & Fund Manager
Performance over a period of more than one year is annualised. For periods of less than one year, returns are cumulative.
* Inception to Date. Annualised performance since the share was issued on 23 September 2016.
Source: Pure Capital
Important information for investors:
The chart and returns shown above refer to past performance and do not constitute a reliable indicator for the future. This fund does not offer a capital guarantee. Before investing, you should always read the Key Investor Information Document (KIID) and the prospectus.
The sub-fund’s objective is to maximise the investor’s returns over the long term, through the active selection of small and mid-cap companies, most of which are based in Europe.
Although the fund manager does not seek to replicate the performance of a benchmark, he will aim to outperform the MSCI EMU Small Cap Index Net Total Return (EUR) index, which is simply a basis of comparison.
The stock-selection process is based on the fund manager’s fundamental analysis of companies that are well-positioned for sustained growth, and which meet specific quality criteria and in particular have good cash flow, high and sustainable profit margins, a strong balance sheet, a management team with a proven track record, and a leading position in their market. Valuation is also an essential criterion. The fund manager’s investment style may be described as Growth At a Reasonable Price (GARP), for which he has his own criteria.
Although the fund manager will mainly invest in European equities, he may make marginal investments opportunistically in listed North American companies, to a maximum of 15% of net assets.
The sub-fund is intended for all investors who are looking for opportunities in European small and mid-cap companies.
Investors much have a long-term investment horizon of at least five years.
Investors should note that due to the relatively small size of the companies in the sub-fund’s portfolio this investment strategy may be subject to greater liquidity risk.
Before investing in this fund, you should carefully read the Key Investor Information Document (the “KIID”) and the prospectus. The KIID, the prospectus, the audited annual report and the unaudited semi-annual report are available on this website.
The information presented above does not constitute investment advice and is intended solely for marketing purposes.
Past performance is not a reliable indicator of future results. Performance may vary over time. Investments in this fund are subject to market fluctuations and investors may not recover all of their initial investment. Pure Capital may vary the fund’s future exposures, allocations and investments as it deems appropriate to accommodate different market conditions. There can be no guarantee that investment objectives will be met.
Management fees, depositary bank fees, and all other fees and charges indicated in the prospectus as borne by the fund are included in the calculation of its net asset value and consequently of its performance.
The taxation of this financial product depends on the investor’s specific situation.
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