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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.

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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

Nos centramos en 25-30 de nuestras mejores ideas

Eric Lynch, Managing Director de Scharf Investments, habla con Alberto Martínez Peláez sobre cómo el fondo iMGP US Value se centra con ahínco en la protección del capital de los clientes y por qué no es un fondo de estilo value típico.

¿Qué distingue su enfoque en comparación con otros inversores centrados en los títulos de valor?

La mayoría de los gestores value se centra exclusivamente en la reversión a la media del valor de los activos o los beneficios de una empresa. Dado que las empresas cíclicas presentan de forma natural una mayor variabilidad de los beneficios y un potencial de reversión más elevado, los gestores centrados en los títulos de valor suelen sobreponderar las empresas de menor calidad o cíclicas. Además, los inversores value tradicionales suelen verse atraídos por las denominadas «trampas de valor», que también presentan múltiplos sumamente reducidos; es decir, por empresas que se enfrentan a un declive a largo plazo permanente. Resulta muy difícil determinar el momento adecuado para comprar una empresa cíclica, y apostar contra las fuerzas competitivas estructurales lo es aún más.
Scharf Investments también cree en la reversión a la media. Sin embargo, la empresa afirma que el potencial de reversión a la media mejora considerablemente cuando se limita la selección de valores a empresas de elevada calidad, o empresas con una sostenibilidad de los beneficios superior a lo largo de un ciclo económico, un rendimiento del capital más elevado, unos balances sólidos y una gestión orientada a los accionistas. La firma cree que el valor de calidad suele ofrecer una rentabilidad superior considerable en los mercados desfavorables y en proceso de consolidación y que da lugar a una rentabilidad superior ajustada al riesgo durante ciclos de mercado completos.

Alberto Martínez Peláez,
Director Distribution Iberia, US Offshore & LATAM

¿Por qué tienen una cartera tan concentrada?

Por tres razones:
1) las empresas de calidad no suelen estar descontadas con precios basados en su valor;
2) una cartera de 25-30 valores es suficiente para eliminar casi todo el riesgo no sistémico; y
3) una cartera de mejores ideas permite un análisis más profundo, mejora la gestión del riesgo y aumenta el potencial de obtener mayores rentabilidades que una cartera con múltiples participaciones basadas en convicciones de menor solidez.

Una cartera de 25-30 valores es suficiente para eliminar casi todo el riesgo no sistémico

¿Cómo se identifican las empresas con buenas perspectivas?

La historia no se repite, pero a veces rima. Si aplicamos al ámbito de la inversión una derivación del juramento hipocrático, podemos decir que Scharf Investments hace especial énfasis en proteger ante todo el capital del cliente. El equipo de inversión suele limitar la selección de valores a empresas con una visibilidad sobre sus beneficios entre el decil y el cuartil superior durante el último ciclo económico y realiza un exhaustivo análisis sobre la rentabilidad de las acciones y las operaciones durante décadas, si está disponible. Todas las empresas cambian o evolucionan, y la mayoría sufren un deterioro. Sin embargo, algunas tienen ventajas competitivas sostenibles que el mercado valora erróneamente de forma temporal. La firma analiza en profundidad un grupo selecto de empresas para diferenciar los dos grupos.
Los participantes en los mercados bursátiles a veces se centran más en los resultados de la empresa a un año o menos y otorgan menos atención a las perspectivas a largo plazo de una empresa. Scharf Investments trata de sacar partido de las oportunidades en las que se aprecia una revalorización prácticamente nula (dead money) a corto plazo mediante la ampliación del horizonte temporal de inversión e invirtiendo en el sólido poder de los beneficios normalizados de una empresa de calidad que presenta una valoración reducida. Todas las acciones que se compran deben tener un potencial alcista de más del 30% con respecto al valor razonable de base evaluado y, lo que es igual de importante, presentar solo un 10%-15% de potencial de caída. Esta ratio de favorabilidad de 3 a 1 es uno de los requisitos de la cartera y ayuda a garantizar que el equipo de inversión adquiere empresas con un margen de seguridad suficiente, al tiempo que exige una rentabilidad futura atractiva. El requisito de contar con una visibilidad superior sobre los beneficios —tanto pasados como futuros— contribuye a evitar inversiones en trampas de valor.

¿Cómo ve la evolución de los criterios ESG en su cartera?

Scharf Investments integra actualmente el riesgo financiero ESG (a través del servicio de datos Sustainalytics ESG de Morningstar) en el proceso de inversión como herramienta de gestión de riesgos y de inversión. Sin embargo, el énfasis histórico de la estrategia en la resiliencia de los beneficios y el crecimiento duradero siempre ha dado lugar a una cartera de empresas generalmente sostenibles. Los orígenes de la empresa y los clientes situados en el norte de California, de mentalidad progresista, también han mantenido al equipo de inversión históricamente orientado hacia los criterios ESG, incluso antes de que estos se volvieran tan frecuentes y pasasen a estar tan cuantificados. Dos de los fondos de inversión de Scharf en EE. UU. tienen una calificación de riesgo ESG de Morningstar Sustainalytics que los sitúa en el 10 % superior de su universo.
El equipo de inversión ha excluido históricamente el tabaco y el juego y tiende a evitar las empresas que presentan graves problemas sociales. Por ejemplo, hasta la fecha hemos excluido a Facebook, a pesar de presentar una valoración convincente en ocasiones, debido en gran medida a la preocupación por las noticias falsas y los efectos sobre la autoestima y la salud mental de los usuarios.

El énfasis histórico de la estrategia en la resiliencia de los beneficios y el crecimiento duradero siempre ha dado lugar a una cartera de empresas generalmente sostenibles

¿ Quieres saber más sobre iMGP US Value ?

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Fundada en 1983, Scharf Investmentsgestora de activos con sede en Los Gatos (California, EE.UU.). Especializada en acciones de valor de EE.UU., implementa una gestión fundamental y concentrada con un enfoque prudente.

4.5 millones de dólares en activos a finales de diciembre de 2023

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