How European Value Fund generates out-performance
Our beliefs guide our investments
Markets are only
partially efficient
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Academic research and proven factors can be combined into attractive investment opportunities
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Focus on less crowded parts of the market that large institutions cannot serve so well
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Outperformance by thinking and acting differently – implementation know-how and experience matter
Disciplined approach leads to success
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Long-term focus – do not judge the success of a strategy by weekly or daily results (these are mostly random)
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Discourage short-term investors to improve overall performance (lower liquidity and fewer transactions)
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Full alignment of interest between investors and managers (significant co-invest, incentives primarily out of performance fee)
Small players better positioned in parts of market
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Accept career risk (i.e., incur temporary under performance for stronger long-term gains)
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Avoid benchmark-hugging – be willing to deviate significantly from reference index (large tracking error or entirely benchmark-free)
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Play in niches that are too small or not attractive enough for large institutions
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Manage assets rather than large organizations
Investment professionals
Daniel Klein
Founder & Chairman
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Founder & Chairman Top-1% European equity vehicle since 2013
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Daniel is Managing Director of a Zurich based single family office since 2013
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Responsible for cross-asset class investment decisions, portfolio mgmt. and operational support for PE/ VC portfolio
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5+ years of experience at Bain & Company with long-standing experience in the Bain Private Equity Practice
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Daniel holds a MSc Management from London School of Economics and an MBA from INSEAD (with distinction)
Dr. Florian Reich-Rohrwig
Founder
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Florian is an experienced institutional investor and management consultant – founder of Top-1% European equity vehicle since 2013
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Currently Managing Director Global Real Estate and MD Tactical Asset Allocation at a single family office
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Previously Head of Investment Office of a multi-billion charity endowment
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Started career at McKinsey & Co. (7 yrs./ Associate Principal) in financial services, asset management and corporate finance
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Florian holds a Master plus PhD in Finance from University of St. Gallen, Switzerland
Strategy out-performed 13% annually from 2013-2017
Top 1% among European funds over 4.5 years
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Since strategy inception: +132% resulting in ~96% total out-performance
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Over 4 years, 20% p.a. net return, 13% yearly net out-performance
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Since fund inception (May 2017), 12% return (vs. market 1%), thus 10%+ out-performance
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European Value Fund listed as top 1% fund on CitywireSelector (see official ranking)
EVF strategy performance since 2013
European Value Fund
The European Value Fund (EVF) is a Luxembourg-based long-only European equities fund for qualified-investors (SICAV SA-RAIF). Launched in 2017, the fund is continuing a successful strategy that was run since 2013. Our current assets in the fund are EUR ~25m, primarily from family offices and HNWIs.
EVF diversifies over ~50 listed European Equities following a conservative value approach, combined with long-term momentum criteria. It only re-balances ~1 per year overall and other than that runs a buy-and-hold strategy. There is no leverage, no shorting (long-only) and no use of derivatives or other forms of financial engineering. This means that results are driven entirely by successful stock picking. The strategy is always fully invested and does not rely on market timing.