Zadig Asset Management

A style-neutral European equities specialist. The firm had $1.3bn AUM at the end of March 2025.

Founded in 2005 in London (UK), Zadig Asset Management is a European equities specialist that provides concentrated, actively managed portfolios with an opportunistic process and a style neutral profile.

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$1.3 bn

Assets under management (as of 31 March 2025)

2020

Became a Partner

2005

Founded

Employees

Investment Approach

Zadig is an established independent European equities specialist founded in London in 2005. The firm’s investment philosophy is based on the observation that investors often overpay for companies perceived as safe, resulting in what they call a “comfort bias” in the market. The team’s ability to exploit this bias to generate alpha over the long term is complemented by their discipline in maintaining their portfolios neutral to any style bias. Their portfolios are concentrated yet balanced across factors such as cyclical, defensive, growth, and momentum. This approach typically leads to portfolios that differ from those of competitors, providing investors with valuable diversification in addition to performance.

iMGP Euro Select Fund – Interview with Francesco & Regis from Zadig Asset Management

Presented by Regis Bégué and Francesco Rustici from Zadig Asset Management, this video introduces the iMGP Euro Select Fund, an actively managed, Article 8 SFDR-compliant portfolio focused on Eurozone equities. The fund consists of around 40 high-conviction holdings across both large-cap and mid-cap companies, leveraging deep research and a valuation-driven, style-neutral investment approach. Managed with a two-year investment horizon, the strategy dynamically balances between market caps based on risk-reward potential, aiming to optimize portfolio upside. Collaborative decision-making, in-depth financial modeling, and daily team meetings support disciplined idea generation and portfolio construction. With broad Eurozone exposure, PEA eligibility in France, and a unique blend of mid and large caps, the fund stands out for investors seeking diversified equity opportunities in the Eurozone.

Jean Maunoury interviews Francesco Rustici

In this insightful video, Francesco Rustici, Portfolio Manager and Head of the Memnon European Fund at Zadig Asset Management, discusses his 28-year career in finance and his leadership of the Memnon European Equity Strategy since its launch in 2020. With a background that spans roles at major firms and hedge funds, Francesco shares his journey from Zurich to London and his passion for mid-cap equity investing.

He explains the strategic focus of the Memnon European Fund, highlighting key advantages of mid-cap investing such as the “research gap” and increased M&A activity. With over half of Europe’s stocks under-researched and mid-caps twice as likely to be acquisition targets, Francesco outlines how the strategy is designed to capitalize on these inefficiencies. Since inception, the fund has seen multiple holdings receive takeover offers, underscoring the potential of this segment.

Zadig Asset Management, Team & Process

In this in-depth interview, Francesco Rustici shares how his team at Zadig Asset Management applies rigorous, research-driven investment strategies. Discover how their contrarian approach, rooted in deep fundamental analysis, seeks out misunderstood or controversial stocks with strong asymmetric risk-reward profiles.

Francesco explains Zadig AM’s disciplined daily process, modeling hundreds of companies, maintaining close communication with management, and avoiding market consensus in favor of conviction-based ideas. He describes their philosophy as “contrarian at birth, momentum in life,” reflecting their focus on identifying undervalued opportunities before they gain broader market recognition.

This video also offers insights into the firm’s compact, entrepreneurial team culture, where collaboration and shared ownership of ideas drive long-term performance.

Why now is a great time for Mid Caps

Francesco Rustici discusses the impressive 8% annualized outperformance delivered by Zadig Asset Management’s strategic investment approach. Discover how their unique edge lies in identifying asymmetric risk-reward opportunities that consistently translate into tangible results. Francesco highlights two key contributors to this success: a strong M&A trend, with six portfolio companies receiving takeover offers, and an early, contrarian investment in the defense sector, prior to the Ukraine war, when the market had largely ignored it.

Learn how non-consensus thinking and deep fundamental analysis helped Zadig AM generate alpha, even amid global uncertainty.

Jean Maunoury interviews Régis Bégué who recently joined our Partner Zadig Asset Management

In this exclusive interview, Régis Bégué, Partner & Portfolio Manager at Zadig Asset Management, shares his professional journey, investment philosophy, and recent strategic moves since joining the firm. With over 30 years of experience in the finance industry, Régis discusses how his alpha-driven, style-agnostic approach aligns with Zadig AM’s long-standing investment framework. He explains the division of research responsibilities within the team, emphasizing a balanced and diversified portfolio construction across growth, value, defensive, and cyclical stocks. Régis also reveals recent portfolio additions, including Publicis, AstraZeneca, Renault, and Kerry Group, highlighting the rationale behind each pick, from deep value pharma to post-COVID recovery plays.

What makes Zadig Asset Management different from a style perspective

Vincent Steenman, Portfolio Manager at Zadig Asset Management, outlines Zadig Asset Management’s distinctive investment style and strategy. Unlike traditional value or growth investors, Vincent emphasizes a style-agnostic, balanced approach focused on performance and adaptability. He explains how Zadig AM’s concentrated, high-conviction portfolio of around 20 stocks is managed with a “Darwinian philosophy”, constantly reassessing positions over a two-year investment horizon. This results in a higher portfolio turnover that allows agility and complements longer-horizon strategies. Zadig AM’s process avoids macroeconomic forecasting, instead relying on active risk management, conviction-driven bets, and cross-style diversification between growth, value, and defensive names. This emphasis on short- to medium-term results makes Zadig AM’s approach a strong complement within diversified portfolios.

What made Zadig an attractive firm to join

Jean Maunoury, Deputy CEO-CIO at iM Global Partner, speaks with Vincent Steenman, Portfolio Manager at Zadig Asset Management, about his transition from a strong engineering background to the world of finance. Steenman shares his journey from Morgan Stanley to joining Zadig AM in 2007, driven by a passion for understanding economics and corporate finance. He highlights Zadig AM’s unique investment philosophy, emphasizing a boutique approach, a deep alignment of interests through personal fund investment, and a strong performance-driven culture. Discover what sets Zadig AM apart in the asset management industry with its “small is beautiful” mindset and contrarian strategies.

Investment Capabilities

Zadig specialises in concentrated, style-neutral European equity strategies:

Zadig Asset Management offers UCITS funds and managed accounts to access their flagship strategy, Memnon European Equity, as well as the mid-cap version called Memnon European Opportunities, and the Eurozone focused strategy available in the iMGP Euro Select UCITS. All strategies are based on the same, time-tested investment philosophy that have shaped Zadig’s portfolios since 2005.