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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.

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.

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

Focus sur 25 à 30 de nos meilleures idées

Eric Lynch, directeur général de Scharf Investments, discute avec Matthieu Beyler de la façon dont le fonds iMGP US Value se concentre sur la protection du capital des clients et pourquoi il ne s'agit pas d'un fonds « value » classique.

Qu'est-ce qui distingue votre approche de celle des autres investisseurs « value » ?

La plupart des gérants « value » traditionnels se concentrent uniquement sur le retour à la moyenne de la valeur des actifs ou des bénéfices d'une entreprise. Comme les entreprises cycliques présentent naturellement une plus grande variabilité des bénéfices et un potentiel de retour à la moyenne plus important, les gérants « value » traditionnels ont tendance à surpondérer les entreprises de moindre qualité ou cycliques. En outre, ils se laissent souvent prendre dans des « value traps » à très faibles multiples, ou sont attirés par les sociétés faisant face à un déclin permanent. Il est très difficile de choisir le bon moment pour acheter une entreprise cyclique. Parier contre les forces concurrentielles structurelles l'est encore davantage.
Scharf Investments croit également au retour à la moyenne. Nous estimons cependant que le potentiel de retour à la moyenne s'améliore nettement lorsqu'on limite la sélection de valeurs à des entreprises de grande qualité, à savoir des entreprises dont les bénéfices sont plus durables sur un cycle économique, dont le rendement du capital est supérieur, dont le bilan est solide et dont la gestion profite aux actionnaires. Selon nous, les titres « value » de qualité tendent à offrir une surperformance significative lorsque les conditions sont défavorables et que les marchés consolident, ce qui se traduit par une surperformance ajustée du risque sur des cycles de marché complets.

Matthieu Beyler,
 Director Distribution France and Luxembourg

Pourquoi avez-vous un portefeuille aussi concentré ?

Trois raisons :
1) Les entreprises de qualité affichent rarement des valorisations très attractives ;
2) Un portefeuille de 25 à 30 valeurs suffit à éliminer la quasi-totalité du risque non systémique ; et
3) Un portefeuille composé uniquement des meilleures idées permet d'approfondir la recherche, d'améliorer la gestion du risque et d'accroître le potentiel de performance par rapport à un portefeuille comportant une myriade de titres sans réelle conviction.

Un portefeuille de 25 à 30 valeurs suffit à éliminer la quasi-totalité du risque non systémique

Comment identifiez-vous les entreprises présentant de solides perspectives ?

L'histoire ne se répète pas, mais elle peut rimer. En appliquant le serment d'Hippocrate à l’investissement, Scharf Investments se concentre sur la protection du capital de ses clients. L'équipe de gestion limite généralement la sélection de titres aux sociétés dont la prévisibilité des bénéfices se situe dans le premier décile ou quartile au cours du dernier cycle économique . Elle effectue des recherches approfondies sur les valeurs et les performances opérationnelles sur plusieurs décennies, lorsque les données existent. Toutes les entreprises changent ou évoluent, mais la plupart finissent par se dégrader. Toutefois, certaines parviennent à conserver leurs avantages concurrentiels qui sont parfois sous-estimés par le marché. Nous menons des recherches approfondies sur un groupe ciblé d'entreprises pour réussir à distinguer ces deux catégories.
Il arrive que les investisseurs en actions se concentrent davantage sur les performances d’une entreprise à un an ou même moins, et non sur ses perspectives à long terme. Scharf Investments cherche à exploiter les opportunités d'« argent mort » à court terme en prolongeant l'horizon d'investissement et en investissant dans des entreprises de qualité affichant de faibles valorisations et capables de maintenir une solide capacité bénéficiaire normalisée. Tous les titres en portefeuille doivent afficher au minimum un potentiel haussier de plus de 30 % par rapport à leur juste valeur dans un scénario de base et, ce qui est tout aussi important, n’avoir qu’un potentiel baissier de 10 à 15 %. Ce ratio de 3 pour 1 est une exigence du portefeuille et permet à l'équipe de gestion d'acheter des entreprises avec une marge de sécurité suffisante, tout en exigeant des performances futures convaincantes. Une exigence supérieure de prévisibilité des bénéfices - passés et futurs - permet d'éviter les « value traps ».

Comment envisagez-vous l'évolution de l'approche ESG au sein de votre portefeuille ?

Scharf Investments intègre actuellement le risque financier des facteurs ESG (grâce au service de données ESG Sustainalytics de Morningstar) dans le processus d'investissement comme un outil de gestion du risque et d'investissement. La priorité qu'accorde historiquement la stratégie à la résilience des bénéfices et à la croissance durable a cependant toujours permis de construire un portefeuille composé d'entreprises globalement durables. La société et ses clients venaient à l’origine de Californie du Nord, où l'esprit est progressiste, l'équipe de gestion a ainsi toujours été orientée vers l'ESG, même avant que cette approche ne se généralise et soit « quantifiée ». Les notes ESG Morningstar Sustainalytics de deux des fonds communs de placement américains de Scharf leur permet de figurer dans le premier décile de leur catégorie.
L'équipe de gestion a toujours exclu le tabac et les jeux de hasard de ses portefeuilles et tend à éviter les entreprises susceptibles d’avoir des répercussions sociétales négatives. Nous avons par exemple exclu Facebook jusqu'à présent, malgré une valorisation parfois intéressante, en raison notamment de nos préoccupations concernant les fausses informations et l’impact sur l'estime de soi et la santé mentale des utilisateurs.

La priorité qu'accorde historiquement la stratégie à la résilience des bénéfices et à la croissance durable a cependant toujours permis de construire un portefeuille composé d'entreprises globalement durables

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Philosophie d'investissement

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Fondée en 1983, Scharf Investments est une société de gestion basée à Los Gatos (Californie, Etat-Unis). Spécialiste des actions américaines typées « value & qualité » , elle met en œuvre une gestion fondamentale et concentrée, offrant un portefeuille particulièrement robuste.

La société dispose de $4,5 milliards d’actifs à fin décembre 2023

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