Value Spain 2015
12th March 2015
13th March 2015
Best Voted Ideas
In 2015 the audience voted for these ideas:
1º Dan Abrahams – Regus
2º Gianluca Ferrari – Finmeccanica
3º David Kessler – Finning International
Dan Abrahams is the portfolio manager of the Praxient Leopard Fund, a long biased, concentrated equity value fund which launched in 2013. Dan joined Praxient Capital as a Partner at the launch of firm’s first fund in 2007. Prior to joining Praxient, Dan worked in Corporate Finance at Deutsche Bank. He began his career with Arthur Andersen and graduated from the University of Oxford with a First Class degree in Economics and Management. Dan is a CFA Charterholder and spent two years as the co-chair of the Value Investing Special Interest Group of the UK CFA Society.
Voted 2015 best idea by the audience: Regus.
Gianluca Ferrari is responsible for investments in Southern Europe at Shareholder Value Management which he joined in 2013 as the youngest member of the investment team. Prior to him joining SVM, he managed Alcoinvest, a start-up venture in Rome, Italy which he sold after two years. Mr. Ferrari holds a degree in Economics & Business from LUISS University. Shareholder Value Management AG (SVM) is a Frankfurt based investment firm that advises €1bn+ in AUM, which is distributed over five mandates. SVM adopts a value-oriented approach and concentrates primarily on investing in Western Europe and to a lesser extent in North America by allocating capital mainly to high-quality businesses that are run by above-average management teams whose incentives are aligned with shareholders’ and that are trading at steep discounts to their intrinsic values. Moreover, market risk is mitigated by actively hedging based on sentiment analysis which is underpinned by proprietary indicators based on behavioral finance.
Voted 2015 second best idea by the audience: Finmeccanica
David Kessler, is a Research Analyst with Robotti & Company Advisors, LLC. Prior to joining Robotti & Company, David was a Research Analyst Consultant with Aquamarine Capital. He also held portfolio management roles with Rochdale Investment Management and Morgan Stanley, David received an MBA from Columbia Business School and was a member of Columbia’s Applied Value Investing Program. As an MBA student, David co-launched Columbia’s first student-run investment newsletter, “Graham & Doddsville.” He also gained valuable experience as a summer intern with Ruane, Cunniff & Goldfarb (Sequoia Fund). David graduated from the University of Maryland with a B.S. in Finance and Marketing.
Voted 2015 third best idea by the audience: Finning International
Stuart Mitchell was born in Scotland and educated at Fettes College and St. Andrews University where he read Medieval History. He is also a graduate of the Owner President Management Program from the Harvard Business School. In he joined Morgan Grenfell AM (MGAM) and soon assumed responsibility for managing the continental European equity assets for MGAM’s British pension fund clients, he was appointed a director of MGAM in 1996. Stuart was then made Head of European Equities with $27 billion of AuM. Whilst at MGAM he managed the European Fund from Jan-1990 to Jun-96. The fund rose by 123% over that time vs. 85% for the benchmark index and was awarded 1st place by Micropal (5 year awards) in 1996. In 1998 Stuart left MGAM to become a principal, director and Head of Specialist Equities at JO Hambro Investment Management (JOHIM), where he set up and managed a long/short European fund, the Charlemagne Fund. He also managed since inception in Dec-98 until Mar-05 the JOHIM European Fund which rose by 133% over that period and was number 1 rated by Micropal within its sector and three star ranked by S&P. Stuart left JOHIM in March-05 to establish his own firm S. W. Mitchell Capital LLP.
Iván Martín is a value investor portfolio manager with over 15 years of experience. Before cofounding Magallanes he worked at Santander AM, Aviva Gestión and Sabadell Gestión where he has delivered superior returns in Spanish and European Equities until mid-2014 of +300% and +45% respectively for the last 12 and 5 years, considerably outperforming its equity benchmarks. He holds a Degree in Business Administration and a Master’s Degree in Financial Analysis from the Carlos III University, Madrid. He completed a Value Investing Spring Course at the University of Nebraska in Omaha and holds the CFA certification. Ivan is an associate professor at the Carlos III University of Madrid and the Pompeu Fabra University of Barcelona, he was awarded the Academic & Professional Excellence Prize by the Social Council of the Carlos III University. He participated as a speaker at different financial events, including the Morningstar Investment Conference of Madrid & the Value Investor Conference at Omaha, Nebraska.
Alberto Roldán started his Value journey in Bestinver as financial analyst specialized in small/mid caps, he moved to Inverseguros to be head of Equity Research (sell side) for almost 10 years. He changed to be buy side portfolio manager at Lloyds Investments Spain 1 year before the fund was sold to Banco Sabadell (he achieved in 2013 performances of between 7,7% and 18,7% depending on the category of the fund managed). His last challenge is as CIO of European Equities and Lead Portfolio Manager at BBVA to turn the juggernaut to have a more value oriented approach.
Marc Siebel founded Peacock Capital GmbH in October 2012 after more than 12 years’ professional experience in institutional asset management. Since founding the company, he has acted as managing director and primary fund manager, He graduated with honors from the University of Siegen in 2000 with a degree in economics and a focus on finance and accounting, He then began his career in 2000 at WestLB AG in sell-side equity research and EM asset management in London. As part of the team for European equities and multi-asset concepts in Düsseldorf, Marc managed strategic customer assets totaling more than EUR 1bn. He ultimately moved his focus to small & mid cap stocks, assuming responsibility for management of all small & mid cap mandates including the WestLB Mellon mutual fund. He joined Lampe AM at the beginning of 2009 as senior fund manager and Product Head of European Small & Mid Caps developing an investment concept focused on family-run businesses, Marc became a CEFA in 2002.
Pablo Gonzalez, founded Abaco Capital in 2006 with a clear value approach, every investment idea is analyzed thoroughly to find out if the capital structure of the company might allow an investment opportunity in fixed income and/or equity. The main focus are the European and North American companies but with a global point of view. Previously to founding Abaco Capital, Pablo worked previously in Capital Markets since 1990 in Banco Santander de Negocios, Nomura Securities in New York, MLC Investments which is part of Refco Inc, Credit Lyonnais Securities and in Banco Santander Central Hispano. Currently Pablo is Board Member of Casa Grande de Cartagena and member of the Investment Advisory Committee of IESE Business School.
Christoph Hilfiker, born 1970 in Basle/Switzerland, is serving as a senior fund manager with LLB Asset Management AG (ASM) in Vaduz/Principality of Liechtenstein. He is responsible for the research & the equity management of the Asia Pacific region. Prior to joining LLB Asset Management AG, he was leading the European equity management at Münchner Kapitalanlage AG/Munich. He is the author of articles in several magazines like Fundresearch, The Smart Investor, The European Value Investor and €uro. He studied business law at the University of St. Gallen (HSG) and completed his education with an MBA at the European Business School (ebs). He earned his CFA qualification in 2006. From 1994 until 1998 he was serving as a captain in the Swiss Air Force.
Gareth Brown is a senior analyst with Sydney, Australia based value investor Forager Funds. Forager runs two funds- a domestic (Australia only) small cap focused fund and an international fund- on behalf of mostly retail investors. Gareth’s career began with seven years at Commonwealth Bank, initially in risk management and then on the trading floor. Whilst working at CBA, he completed a Bachelor of Business degree, majoring in Finance, at University of Technology, Sydney, Gareth joined Intelligent Investor in 2002 and spent the next 10 years as a senior member of the analyst team, he is currently based in Vienna, Austria and is chiefly focused on European stocks.
Sebastien Lemonnier is 35 years old, born in France and graduated with a Master degree at the Sorbonne University, He holds more than 10 years experience within European equities favoring a common sense stock-picking investment approach. Working 10 years for Tocqueville Finance, as Fund Manager since 2006, Sebastien delivered from 2008 a robust track record with 5 successives years outperforming the European index together with a lower volatility. Thus, he has been ranked “A” & “AA” by Citywire for 2010-12. He recently joined the Mansartis team to run the European equity fund Mansartis Europe and to favor the development of this independent 30 years old asset manager boutique ( it currently manages. €950m AuM) which is .an expert in long only equity fund management with regular outperformance investing with a Value approach in all market cap European equities.
Dominic Fisher, started Thistledown Investment Management to invest in undervalued assets with sound finances that pay a reasonable income. This common sense approach is often labeled “Value Investing” which should grow both capital and income in line with or ahead of inflation. Dominic is an investment manager since1989, he trained at Hambros Bank, joining Mercury AM in 1992. As Head of the team investing for charities he successfully resisted the dotcom mania and the pressure to invest in a “new era”. He joined Singer & Friedlander in 2001 but left in 2002 to run his own business for 3 years. He then worked at OLIM, a subsidiary of Close Brothers before establishing Thistledown in 2009, He is Chairman of the Officers Association and Head of the investment subcommittee of the Armed Forces Common Investment Fund. He is director of Aberforth Geared Income Trust plc. and founder member of the Value Investors Special Interest Group of the CFA Institute (UK).