Evolution of subscription conditions for Echiquier Entrepreneurs
Echiquier Entrepreneurs, a sub-fund of the Echiquier French SICAV, managed by Financière de l’Echiquier, reached an amount of 475 million euros on December 16, after recording a performance by more than 28% since the beginning of the year*.
This fund, which is emblematic of LFDE’s stock picking and conviction-based management approach in European Small and Mid Caps, relies on an in-depth knowledge of the companies as well as their managers. Since its creation in October 2013, Echiquier Entrepreneurs returned 14.6% compared to 9.6% for its benchmark**.
Echiquier Entrepreneurs was reopened for subscriptions on 1 October 2018, with the elimination of the subscription fees paid to the compartment applied to orders under 2 million euros per client on a daily basis. Subscription fees remained paid to the compartment for orders above 2 million euros and in any case regardless of the size of the order, when assets under management attain 500 million euros.
In order to protect the interests of the existing shareholders and to allow a potential closure of the UCITS, La Financière de l’Echiquier has decided to temporarily lift the threshold of 500 million euros in the prospectus. The Board of Directors of the SICAV will meet when the situation of the compartment justifies the limiting of the subscriptions or its closing.
La Financière de l’Échiquier’s small and mid-cap investment team is composed of three fund managers and two analysts. This experienced team implements the same investment discipline to the other funds it manages, including Echiquier Agenor Mid Cap Europe, recently labeled SRI. The strategy’s total assets account for more than € 2.7 billion.
*Data on the FR0011558246 retail share as of 16/12/2019
**Benchmark: MSCI Europe Micro Cap
Stéphanie Bobtcheff, fundmanager of Echiquier Agenor SRI Mid Cap Europe