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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.
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.
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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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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.
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.
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 Strategies
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.
iMGP Fundsʼ investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be viewed here or by calling 1-800-960-0188. Read it carefully before investing.
Mutual fund investing involves risk. Principal loss is possible.
The fund will invest in foreign securities. Investing in foreign securities exposes investors to economic, political, and market risks and fluctuations in foreign currencies. Though not a small-cap fund, the fund may invest in the securities of small companies. Small-company investing subjects investors to additional risks, including security price volatility and less liquidity than investing in larger companies. Investments in emerging-market countries involve additional risks such as government dependence on a few industries or resources, government-imposed taxes on foreign investment or limits on the removal of capital from a country, unstable government, and volatile markets. Multi-investment management styles may lead to higher transaction expenses compared to single investment management styles. Outcomes depend on the skill of the sub-advisors and advisor and the allocation of assets amongst them.
Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.
Diversification does not assure a profit nor protect against loss in a declining market.
