Value Spain 2016


7th April 2016

  • 08:00 - Registration
  • 08:15 - Welcome coffee
  • 09:00 - Introduction
  • 09:15 - Jesús Domínguez
  • 09:45 - Dominic Fisher
  • 10:15 - 10 min break
  • 10:25 - Ole Jørgen Grøneng Nilsen
  • 10:55 - Gregory Johnson
  • 11:25 - Coffee break
  • 11:55 - Gary Channon
  • 12:25 - Sébastien Lemonnier
  • 12:55 - Fernando Bernad
  • 13:30 - Finger lunch
  • 14:45 - David Kessler
  • 15:15 - Firmino Morgado
  • 15:45 - 15 min break
  • 16:00 - Ole Søeberg
  • 16:30 - Gareth Brown
  • 17:00 - Day 1 finishes
  • 21:00 - Networking dinner

8th April 2016

  • 08:00 - Welcome coffee
  • 08:45 - Introduction
  • 09:00 - Dan Abrahams
  • 09:30 - Steven Wood
  • 10:00 - 10 min break
  • 10:10 - Gianluca Ferrari
  • 10:40 - Otto Kdolsky
  • 11:10 - Coffee break
  • 11:40 - Eric Tibi
  • 12:10 - Luis Urquijo
  • 12:40 - 10 min break
  • 12:50 - Xavier Brun
  • 13:10 - Event closure

Best Voted Ideas

In 2016 the audience voted for these ideas:

oro1º Gary Channon – Sports Direct


Plata2º Dan Abrahams – Ocado


Bronce3º Xavier Brun – Antofagasta / Draegerwerk


Gary Channon co-founded Phoenix Asset Management Partners in 1998 and has managed the Phoenix UK Fund since its launch in the same year. He also manages additional segregated accounts for pension fund clients run on the same strategy as the Phoenix UK Fund. Gary’s investment approach at Phoenix is long-term, value-based and focused, ideally looking for great businesses run by managers who are competent, honest and who act in the interest of shareholders, companies with strong pricing power, generating an enduring high return on capital. Having identified great companies and good managements, he waits for the opportunity to invest in them at attractive prices.

Gary brings over 27 years of business and financial services experience. He began his career in 1987 at Nikko Securities Europe within Fixed Income Trading, before joining Goldman Sachs in 1989 within Global Equity Derivative Products Trading. He then joined Nomura International Plc in 1992 as their Head of Equity Derivative Trading before ultimately becoming Nomura International’s Co-Head of Equity and Equity Derivatives Trading, a position he held until he left Nomura to co-found Phoenix.

Voted 2016 best idea by the audience.

Daniel Abrahams is the Managing Partner at Alfreton Capital, which advises a private investment fund focused on European equities. Previously, Daniel had been a Partner at Praxient Capital at the launch of that firm’s first fund in 2007. Daniel and team spun out from Praxient to establish Alfreton Capital in March 2015. Earlier in his career, he spent four years in M&A at Deutsche Bank and he began his career at Arthur Andersen. Daniel graduated from the University of Oxford with a First Class degree in Economics and Management and was previously the co-chair of the Value Investing Special Interest Group of the UK CFA Society.

Voted 2016 second best idea by the audience.

Xavier Brun is a portfolio manager at Solventis SGIIC. Since 2011 he is co-running the Solventis EOS SICAV, a value European equity fund. Previously, he had been more tan 5 years Senior Equity Analyst at Strategic Investment Advisors (SIA Funds), a value oriented swiss financial boutique with AuM of >€2.0bn. As well as a fund manager, he is teacher and Director of Master of Science in Financial Markets at Universitat Pompeu Fabra for 15 years now. Xavier holds a PhD with honors in Economics from the Universitat de Barcelona, a Master in Banking and Finance from Universitat Pompeu Fabra and a Bachelor’s degree in Business Administration from Universitat Pompeu Fabra.

Additionally Mr Brun is the author of several books on financial advice from the publisher “Profit”.

Voted 2016 third best idea by the audience.

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 and is author of the book “Value Investing: la Guida Definitiva all’Investimento Azionario”, the first book on the topic of Value Investing in the Italian language specific for the Italian markets.

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.

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.

Jesús Domínguez manages the Valentum Fund at Gesiuris Asset Management together with Luis de Blas since March 2014. Previous to setting up Valentum, Jesús worked for 9 years as consumer sell-side analyst covering European Blue Chips and Spanish small & mid caps. Jesús has also covered other sectors such as media, infrastructures and financial services. He has developed his experience as sell-side analyst working for Ibersecurities/Bancos Sabadell, Banesto Bolsa and Santander Investment. Before being a sell-side analyst, Jesús worked at PwC Corporate Finance in debt restructuring projects mainly throughout Latin America.

Valentum is a Spanish long-only value fund that invests mainly in Europe. Valentum’s investment policy favours companies with low-debt levels, high FCF yields and high quality management teams. Valentum has had a +27% revaluation since its inception in March’14 to October’15 and +22.5% YTD to October.

Dominic Fisher founded Thistledown Investment Management in 2009 and established the Thistledown Income fund in 2010. He has worked as an investment manager since 1989 largely managing assets for endowments and philanthropic organisations. The fund, in which he is the largest single investor, pursues a value philosophy. The fund’s risk adjusted returns place it in the top 2% of similar funds since inception and it has been awarded 5 STARS by Morningstar*.

Dominic is a director of the Aberforth Geared Income Trust Plc a £200m closed end fund investing in UK smaller companies and chairs the investment committee of the £250m Armed Forces Common Investment Fund. In 2015 Dominic was awarded an OBE for services to Armed Forces personnel in HM Queen’s Birthday Honours List.

(Source Morningstar. GBP Aggressive Allocation – Funds in category 393. Assets in category £83.3 bn as at 31.12.15)

Ole Jørgen Grøneng Nilsen (35) is managing the Global equity fund for Nordic fund boutique Pareto. Since he began co-running this global value fund eight years ago, the consistently strong returns have attracted a large client base and fund assets have grown to 660mn USD. Ole developed early a strong personal interest in value investing, he began studying Buffett when he was 16 and had already visited the Berkshire Hathaway annual shareholder meeting on several occasions before joining Pareto. He concentrates on high quality businesses with demonstrated earnings power, sound balance sheets and good prospects for profitable growth. The portfolio is kept focused, and when short term market bias drives market prices up and down, Ole seeks reallocation opportunities according to relative changes in the companies’ margin of safety.

Gregory comes to Clayton Partners from GWJ Enterprises, a consulting firm that provided general business and strategic planning. Prior to GWJE, Gregory was a SVP at CMA Capital Management, where he advised large banks and leasing companies in structuring investments. Over his career, he has been involved in a wide range of entrepreneurial activities, including SVP of Columbus Distributing (a food manufacturer), President of Auntie Pasta (a pasta, sauce and prepared food manufacturer and retailer), and President of La Ferme Beaujolaise (a French charcuterie). He received a BA in Psychology from the University of Iowa in Iowa City in 1975 and a Masters of Accounting from Georgetown University, Washington, D.C in 1980.

The Clayton Capital Appreciation Fund (CCAF) is value-oriented, opportunistic and focused on our own grassroots research. We identify and invest in companies with management teams that are Thinking Right in devising ways to maximize returns to shareholders.

Sébastien 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 successive 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 €950mn 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.

Fernando Bernad Marrase is Portfolio Manager and founding partner of AzValor Asset Management, a boutique equity asset management established in October 2015. Before that, Fernando spent 8 years at Bestinver AM where he served as portfolio manager together with Francisco García Paramés (CIO) and his current partner Alvaro Guzmán.

He started his professional career in 1998 in Frankfurt where he worked alongside Alvaro at the same asset manager (Value Management & Research), it was here that he began to gain in depth knowledge of the theories of value investing. He then worked in the Spanish private equity sector as an associate at BNP Paribas Leveraged Finance. Subsequently he joined the research team at Banesto in charge of cyclical companies (Steel and oil sectors) and later formed and led the research team at Interdin.  In 2005 he joined the Vetusta Group as Investment Director, leading a three person team specialising in value-style management of portfolios and funds. In his 2 years at Vetusta he achieved an average anual return of around 30% always beating benchmark indexes.

Fernando has a Bachelor in Business Administration (summa cum laude, awarded jointly by ICADE, Madrid and Northeastern University, Boston) and he is a CFA charter holder. He is fluent in English and reads both German and French.

Firmino Morgado has developed a professional career in fund management for the past 25 years.  In January 2015, he founded W4i, an active asset management company which aligns the interests of investment clients and fund managers. Before that, he spent 12 years with Fidelity International as a fund manager of Fidelity Iberia, FIJE Europe and Fidelity European Aggressive. During his tenure with Fidelity, he beat 98% of the Morningstar peer group on the Iberian fund and 83% of the peer group on the European equity mandates. Fidelity Iberia won several awards during his tenure and was Fidelity’s best European selling fund both in 2013 and 2014, becoming the world’s largest Iberian fund, with AUM of $2.5bn. Previously he was an equity analyst with Capital Group for 6 years, both in Los Angeles and Geneva. Before that, Firmino had a career in private equity both with Goldman Sachs’ Whitewall Fund and F-Turismo Venture Capital.

He holds a MBA (Honours) from Insead, MSc in Finance from New York University and a BSc from Catholic University in Lisbon.

As Investment Director, Ole Søeberg has overall responsibility for portfolio management in SKAGEN Funds. He also manages the equity fund SKAGEN Vekst. As part of the portfolio team, he participates in SKAGEN’s value based investment philosophy and carries out analysis of companies and industries. Prior to joining SKAGEN, Ole had long experience from both global and Danish capital markets while working at Alfred Berg and Carnegie. Between 2006 and 2011, Ole was head of Investor Relations at Tryg in Denmark. Ole has an MSc in Finance from the Copenhagen Business School.

Skagen is an independent boutique fund manager, focused on long only equity and fixed income investments. Established in 1993 in Stavanger, Norway it has grown to be Scandinavia´s largest and Europe´s most successful asset manager with €10bn in AuM. Skagen´s goal is to prove clients with best risk-adjusted returns by pursuing a value-driven, bottom-up, active and long term approach. The ideal investment is Undervalued, Under-researched and Unpopular with potential triggers to unlock the hidden value.

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.

Steven Wood, CFA, founded GreenWood Investors in late 2010 based on core beliefs that great retruns are generated through a concentrated global portfolio of special situations and deep value opportunities, and cannot be generated by being overly concerned with month-to-month returns. We believe investors should have full transparency and liquidity and we share our research with our sophisticated investors, who in turn provide invaluable insights that help us hone our portfolio.

Prior to founding GreenWood Investors, Steven worked with notable investors at Carr Securities, Kelogg Capital Group and Aslan Capital in distressed, deep value and special situations strategies. Through frequent marathons and by being the sole US-focused analyst in Leveraged Finance at RBC Capital Markets during the peak of the LBO boom, Steven has developed a high pain tolerance, a pre-requisite for value investing. Dissatisfied with just one view of the world, Steven received a Bachelor of Arts from Tulane University in Economics, Political Economy and International Relations.

Otto has more than 25 years of experience in financial markets, in particular in the management and analysis of companies under the principles of value investing. He has previously worked in ERSTE Bank Austria, Interdin AV, Bankpyme Gestión and Sabadell Inversión where he became responsible for managing European and Spanish equity funds with over €1 billion of assets under management. In mid-2013 he decides to leave Sabadell in order to devote himself exclusively to manage his personal wealth using his time in the study and deepening of the principles and techniques of the value investment style. He joined the Magallanes team in March 2015 as portfolio manager.

Otto, born in Austria, is entitled by the Bundeshandelsakademie in Vienna, Austria. He holds the title of Stock Operator of the Vienna Stock Exchange and completed studies on Balance Sheet analysis in EADA, Barcelona. He is native speaker in German, fluent in English, Spanish and has basic knowledge in Portuguese and Russian.

Eric Tibi is a partner at Amiral Gestion, where he focuses on European mid & large capitalizations. Prior to joining Amiral Gestion in 2010, he was a managing director at UBS, where he was head of European food retail research and head of the French product. Eric is a graduate of the HEC school of management.

Amiral Gestion is a Paris-based asset management firm with over over €1bn under management, mostly in equities. Its  disciplined value approach has led  its Sextant range of funds to consistently outperform markets year after year.

Luis Urquijo works as Fund Manager at Abaco Capital. His career spans over 15 years, having worked both as Equity Analyst and portfolio manager. Luis is in charge of La Muza Inversiones SICAV, a 16 year old “long-only” fund with some €100mn of AUM and annualized returns above 10% . The SICAV invests mainly in Western Europe and has a clear “Value” approach.

He holds an Executive MBA in Finance from Instituto de Empresa (Cum Laude) and BS Degree in Business Administration from the European Business School. He regularly attends Value conferences on both sides of the Atlantic and the Berkshire Hathaway AGMs.

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