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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.
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Conviction-led investing in Europe’s most compelling small and midcap opportunities
Memnon European Opportunities is a high-conviction, concentrated equity strategy that invests in approximately 20 of Zadig Asset Management’s best ideas across the European small and midcap universe. Led by Francesco Rustici, Co-Head of the strategy since 2020, the fund seeks to outperform the broader European market through a disciplined, valuation-driven investment process. Combining entrepreneurial agility with institutional rigour, the strategy reflects Zadig’s commitment to uncovering mispriced companies with long-term potential. Aligned with iM Global Partner’s philosophy of backing exceptional asset managers, Memnon European Opportunities represents a differentiated approach to European equity investing—focused, opportunistic, and built for long-term partnership.
Zadig Asset Management
Manager
December 2020
Inception of Strategy
USD
Base Currency
Investment Philosophy
At the heart of Memnon European Equity lies the distinctive and pragmatic investment philosophy pioneered by Laurent Saglio in the mid-1990s and carried forward by the team at Zadig. This approach is rooted in high conviction and long-term thinking, with a concentrated portfolio of carefully selected European equities. The strategy is style-neutral by design—aiming to deliver consistent performance across varying market conditions—while remaining opportunistic and valuation-driven. With a typical investment horizon of two years, the portfolio blends cyclical, growth, defensive, and financial stocks to ensure diversification and low internal correlation. This balanced yet focused approach reflects Zadig’s belief in active, fundamental investing as a source of sustainable alpha.
Zadig’s research process is rigorous, fundamental, and idea-driven. Every investment begins with in-depth analysis at the company level, leveraging the team’s extensive experience and network across European markets. The focus is on identifying high-quality businesses with resilient earnings, strong balance sheets, and proven management teams. Analysts conduct detailed financial modeling, competitive positioning reviews, and scenario analyses to understand each company’s long-term value potential. Insights are debated within a collaborative and entrepreneurial environment, ensuring only the highest-conviction ideas enter the portfolio. This disciplined research framework is essential to preserving capital, managing risk, and uncovering underappreciated opportunities across the European equity landscape.
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.
The Team
Vincent Steenman
Zadig Asset Management Partner & Co-Head of
Memnon European
* Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results.
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