Echiquier Agenor SRI Mid Cap Europe celebrates its 20th anniversary
Launched in February 2004, Echiquier Agenor SRI Mid Cap Europe[1] is today celebrating its 20th anniversary. This SRI-labelled[2] fund invests in European small-cap growth stocks selected for their capacity to generate value with no cycle constraints as well as the quality of their governance.
Building on a rigorous and disciplined collegial approach, the management team, made up of two managers – Stéphanie Bobtcheff, CFA, and José Berros[3] – supported on a daily basis by two analysts, together selects growth models from the universe of Small and Mid-Caps, La Financière de l’Échiquier’s (LFDE) long-standing area of expertise.
This selective and concentrated portfolio, comprising around thirty convictions, aims to invest in potential future leaders. More than half of the portfolio currently consists of what we call “structural winners” – in other words, growth stocks capable of growing independently of the business cycle and maintaining high levels of profitability over the long term.
The pool of Small and Mid-Caps, where we believe valuations have returned to attractive levels, abounds with opportunities. We expect the macroeconomic environment in the coming months to be conducive to a rebound in this asset class, which outperforms large caps over the long term. As interest rates stabilise, we believe that company fundamentals will be one of the main drivers of performance.[4]