Launched on 5 April 2002, Echiquier Value Euro[1] is a conviction fund representing the historical expertise of La Financière de l’Echiquier (LFDE). It is distinguished by its distinctive approach of selecting stocks considered by the management team to be at a discount and undervalued by the market, in the euro zone.
The management team, composed of Maxime Lefebvre, CFA, and Romain Ruffenach[2], focuses on three types of companies, deep value, value reversal and relative value, selected from an investment universe of around 400 stocks[3]. It favours stocks considered to be highly undervalued in relation to their assets, in a turnaround situation or whose quality does not seem to be sufficiently recognised, as well as companies with a competitive advantage, whose business model seems simple, and which benefit from good governance. It seeks to maintain good portfolio diversification, geographically, by sector and by capitalisation size, whatever the market configuration. Finally, by excluding over-indebted companies, it strives to limit the financial leverage of the portfolio.
Since its inception, Echiquier Value Euro has recorded an annualised performance of 7.20% compared to 4.10% for its benchmark MSCI EMU NET RETURN EUR[4]. As of March 31, 2022, the fund had more than 500M€ assets under management.
This information and this document do not constitute investment advice, an investment proposal or a solicitation to trade in the financial markets. It is provided from the best sources available to us.
Investors or potential investors are informed that they can obtain a summary of their rights and also lodge a complaint in accordance with the procedure provided by the management company. This information is available in the official language of the country or in English on the Regulatory Information page of the management company’s website www.lfde.com.Enfin, the investor’s attention is drawn to the fact that the management company may decide to terminate the marketing arrangements of its collective investment schemes in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU.
[1] The fund is mainly exposed to the risk of capital loss, equity risk and the risk of investing in small and medium capitalisation stocks. For more information on the characteristics, risks and fees of this fund, please read the regulatory documents (prospectus available in English and French and DICI in the official languages of your country) available on our website www.lfde.com.
[2] The management team may change over time.
[3] The investment process may change over time and is not a fixed constraint in the prospectus.
[4] Annualised performance – Echiquier Value Euro Part G – at 3 years 5.60% compared to 7.90% for its benchmark MSCI EMU NET RETURN EUR, at 5 years 0.5% compared to 8.40% for its benchmark, at 10 years 6.50% compared to 9.90% for its benchmark. In February 2022 -1.60% against -5.20% for its index. To have more information, click here
Past performance is not indicative of future performance and is not constant over time. Past performance is not indicative of future performance. Returns shown are net of management fees but gross of tax for the investor.
