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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 iMGP Funds.

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

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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.

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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.

iMGP Funds Sicav

The data and information featured on this web site 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. The iMGP Sicav ( hereafter « iMGP » or « iMGP 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 web site 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. iMGP Funds is an open-ended umbrella investment company established and regulated in Luxembourg. The iMGP Sicav is not open to citizens or residents of the USA or to any other party deemed to be a US person. iMGP Funds’ current Prospectus and Key Investor Information Document, by –laws and the Annual and Half Yearly Reports of the Fund can be obtained on this website or from the iMGP offices at 5, Allée Scheffer, L-2520 Luxembourg or from the Agents and Representatives listed on this website for the specific jurisdictions where iMGP Funds are registered and this marketing document is intended for use only in those specific jurisdictions. Investors are advised that they should consult the Prospectus before seeking to subscribe. 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 iMGP Funds

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

Eric Lynch
Managing Director of Scharf Investments

Fokussierung auf 25 bis 30 unserer besten Ideen

Eric Lynch, Geschäftsführer von Scharf Investments, spricht mit Simon Frey, iM Global Partner, über den Fokus des iMGP US Value auf den Schutz des Kundenkapitals und warum der Fonds kein typischer Value-Fonds ist.

Was unterscheidet Ihren Ansatz von dem anderer Value-Investoren?

Die meisten traditionellen Value-Manager konzentrieren sich ausschließlich auf die Rückkehr der Vermögenswerte zum Mittelwert oder auf die Erträge eines Unternehmens. Da zyklische Unternehmen naturgemäß eine größere Ertragsschwankung und ein höheres Potenzial für eine Rückkehr zum Mittelwert aufweisen, sind Value-Manager oft zu stark in Unternehmen mit geringerer Qualität oder in zyklische Unternehmen investiert. Darüber hinaus werden traditionelle Value-Investoren oft von „Value-Fallen“ mit ähnlich niedrigen Bewertungen angezogen oder von Unternehmen, die einem dauerhaften säkularen Niedergang ausgesetzt sind. Das richtige Timing für den Kauf eines zyklischen Unternehmens zu finden, ist sehr schwierig. Noch schwieriger ist es, gegen strukturelle Wettbewerbskräfte zu wetten.
Scharf Investments orientiert sich auch an der Mittelwertrückkehr. Wir sind jedoch der Ansicht, dass sich das Potenzial für eine Rückkehr zum Mittelwert erheblich verbessert, wenn die Aktienauswahl auf qualitativ hochwertige Unternehmen beschränkt wird, also auf Unternehmen mit überdurchschnittlicher Ertragsstabilität über einen Konjunkturzyklus hinweg, überdurchschnittlichen Kapitalerträgen, starken Bilanzen und einem aktionärsorientierten Management. Wir glauben, dass Qualitätswerte dazu neigen, in ungünstigen und sich konsolidierenden Märkten eine wesentliche Outperformance zu liefern und zu einer risikobereinigten Outperformance über komplette Marktzyklen zu führen.

Simon Frey,
Director Distribution Switzerland & Liechtenstein

Warum haben Sie ein so konzentriertes Portfolio ?

Für die Konzentration unseres Portfolios gibt es drei Gründe:
1. Qualitätsunternehmen werden nicht oft zu Value-Preisen gehandelt;
2. Ein Portfolio von 25 bis 30 Aktien ist ausreichend, um so gut wie alle nicht-systemischen Risiken zu eliminieren; und
3. Ein konzentriertes Portfolio ermöglicht ein tieferes Research der investierten Unternehmen, verbessert das Risikomanagement und erhöht das Potenzial für höhere Renditen als ein Portfolio mit mehr Titeln aber geringerer Überzeugung.

Ein Portfolio von 25 bis 30 Aktien ist ausreichend, um so gut wie alle nicht-systemischen Risiken zu eliminieren

Wie identifiziert man Unternehmen mit einem starken Ausblick ?

Geschichte wiederholt sich nicht, aber sie reimt sich manchmal. In Anlehnung an den Hippokratischen Eid ist Scharf Investments stark darauf bedacht, zunächst das Kapital der Kunden zu schützen. Unser Investmentteam beschränkt die Aktienauswahl im Allgemeinen auf Unternehmen mit einer Gewinnprognose im oberen Dezil bis Quartil des letzten Konjunkturzyklus und recherchiert, falls verfügbar, die Aktien- und Betriebs-Performance der vergangenen Jahrzehnte. Alle Unternehmen verändern sich oder entwickeln sich weiter – in den meisten Fällen führt dies leider zu einer Verschlechterung. Einige haben jedoch nachhaltige Wettbewerbsvorteile, die der Markt vorübergehend falsch einschätzt. Scharf Investments legt viel Wert auf ein tiefgehendes Research für eine ausgewählte Gruppe von Unternehmen, um diese verschiedenen Unternehmen zu trennen.
Aktienmarktteilnehmer konzentrieren sich manchmal mehr auf die einjährige oder kurzfristige Unternehmens-Performance und weniger auf die langfristigen Aussichten eines Unternehmens. Scharf Investments versucht in Unternehmen zu investieren, die kurzfristig enttäuscht haben, und daher eine niedrigere Bewertung aufweisen, langfristig aber die anhaltend starke normalisierte Ertragskraft eines Qualitätsunternehmens aufweisen. Alle gekauften Aktien müssen ein Aufwärtspotenzial von mehr als 30 Prozent gegenüber dem bewerteten Base Case Fair Value und ein Abwärtspotenzial von nur 10 bis 15 Prozent aufweisen. Dieses Chance-Risiko-Verhältnis von 3:1 ist eine Bedingung für unser Portfolio und trägt dazu bei, dass das Investmentteam nur Unternehmen mit einer ausreichenden Sicherheitsmarge kauft und gleichzeitig überzeugende zukünftige Renditen fordert. Hohe Anforderung an die Vorhersagbarkeit der Erträge - in der Vergangenheit und in der Zukunft - hilft, Investitionen in Value-Fallen auszuschließen.

Wie sehen Sie die Entwicklung von ESG in Ihrem Portfolio?

Scharf Investments bezieht derzeit das finanzielle ESG-Risiko (über den ESG-Datenservice Sustainalytics von Morningstar) als Risikomanagement- und Anlageinstrument in den Investmentprozess ein. Der historische Fokus der Strategie auf Ertragsstabilität und dauerhaftes Wachstum hat jedoch immer zu einem Portfolio aus generell nachhaltigen Unternehmen geführt. Da die Firma ihren Ursprung und ihre Kunden im fortschrittlich gesinnten Nordkalifornien hat, war das Investmentteam historisch gesehen bereits auf ESG ausgerichtet noch bevor ESG so weit verbreitet und „quantifiziert“ wurde. Zwei der US-Publikumsfonds von Scharf haben ein Morningstar Sustainalytics ESGRisiko-Rating, das zu den besten 10 Prozent ihres Universums gehört.
Unser Anlageteam hat in der Vergangenheit Tabak und Glücksspiel ausgeschlossen und neigt dazu, Unternehmen zu meiden, die ernste gesellschaftliche Probleme repräsentieren. So haben wir zum Beispiel Facebook trotz einer zeitweise überzeugenden Bewertung bisher ausgeschlossen, nicht zuletzt aufgrund von Bedenken über sogenannte Fake News und Auswirkungen auf das Selbstwertgefühl und die psychische Gesundheit der Nutzer.

Der historische Fokus der Strategie auf Ertragsstabilität und dauerhaftes Wachstum hat jedoch immer zu einem Portfolio aus generell nachhaltigen Unternehmen geführt

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Scharf Investments wurde 1983 gegründet und ist eine Vermögensverwaltungsgesellschaft mit Sitz in Los Gatos (Kalifornien, USA. Sie ist auf US-Value-Aktien spezialisiert und setzt einen konzentrierten, und fundamentalen Value-Ansatz um.

Ende Dezember 2023 Vermögen von 4,5 Milliarden US-Dollar verwaltete.

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