Value Spain 2017
Programme - Value Spain 2017
30th March 2017
31st March 2017
Best Voted Ideas
In 2017 the audience voted for these ideas:
Gary Channon – EasyJet plc
Diogo Pimentel – Sonae SGPS
Simon Caufield – Wetherspoon plc
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 28 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.
Diogo Pimentel, CFA, is a follower of the value philosophy. Before joining Magallanes Value Investors he held positions of portfolio manager and analyst at BPI AM and Santander AM where he worked closely with Iván Martín. Diogo is an electrical and computer engineer by the Instituto Superior Técnico of the University of Lisbon, Portugal. He holds the Chartered Financial Analyst (CFA) certification and was voted Best Manager and Analyst 2013 and 2014 by the Deloitte IRG awards.
Simon Caufield is a value investor specialising in deep value, cyclical and cheap compounder stocks in industrial and consumer discretionary sectors. He began his professional consulting career in 2007 after selling the price optimisation software company that he had founded in 2001. These days, Simon runs mainly family money in a concentrated portfolio. Previously, he was an engineer and strategy consultant. Simon has an MA in Engineering from Cambridge University and an MBA from London Business School.
Xavier Brun is Chief Investment Officer at Solventis SGIIC. Since 2011 he is co-running the Solventis EOS SICAV, a value European equity fund. Previously, he had been more than 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”.
Pavel Begun is a co-founder of 3G Capital Management, a private investment partnership that invests in undervalued securities around the world.
Philip Best co-founded QUAERO CAPITAL SA in 2005 and is a Partner, Fund Manager and Shareholder. He started his career as a fund manager at Warburg Investment Management in 1983, managing the Mercury European Income Fund. In 1987, he joined Enskilda Securities as a broker specialising in European small cap companies. In 1994 he established and ran the Paris office of The Europe Company Limited, a specialist research-driven European small cap brokerage (purchased by Jefferies & Co in 2000).
Returning to fund management in 2003, Philip launched the Argonaut Fund, a value-driven pan-European microcap fund which has compounded just under 14% p.a. over 14 years. He is also a non-Executive Director of UK publicly listed investment fund Jupiter European Opportunities Trust, an investment company with assets of over GBP 630m.
Born in 1960, Philip graduated from Oxford University in 1982 and worked in London for six years before moving to Paris in 1988 and then to Geneva in 2003. He is bilingual in English and French.
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/Banco 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.
Mr. Mesut Ellialtioglu has 23 years of Turkey focused equity research and fund management experience. He worked with Bankers Trust Company as an associate (1993-1995), Korfez Securities (Garanti Bank) as Co-Head of Research (1995-1997), UB Ulusal Securities (formerly SAMBA Saudi American Bank) as Managing Director for research and asset management (1997-2000), Kent Securities as Deputy General Manager responsible for the asset management department (2000 – 2001), and ABN AMRO Asset Management as Chief Investment Officer in Istanbul (2001-2004). Since 2005, Mr. Ellialtioglu has worked privately, focusing on the Turkish equity market. Together with Los Angeles, USA based Value Hedge Fund Manager Matthew Peterson, Mesut established TALAS Capital LLC in the US in 2016 and he started running Turkey focused TALAS Turkey Value Fund, LP in March 2017. Mesut graduated in 1993 with a B.S. in Economics degree from the Wharton School of Business, the University of Pennsylvania.
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.
Francisco García Paramés was born in Spain in 1963. After obtaining his MBA at IESE (1989), he joined Bestinver, and following 2 years as an analyst of Spanish stocks, he began to manage portfolios and funds. His career as an investment manager can be readily summarized by examining the yield obtained by his Spanish equity funds: 15.7% per annum in the period January 1993 – September 2014, equivalent to an accumulated increase of 2,279.2%, compared to 410% obtained by the reference index (IGBM, Madrid Stock Market General Index). In 1997, he also began to manage an International portfolio, achieving leading positions in the market of foreign funds sold in Spain, with an accumulated yield from January 1998 to September 2014 of 437.5% (10.58% Annual Average Return) versus 2.9% obtained by the reference index, the MSCI World Index.
He is at present waiting for the Spanish regulator to authorize the launch of a newly created asset management firm from where he will launch different funds under his unique value investment process. Self-taught, his management style is based on the strict application of the principles of value management (Graham, Buffet, Peter Lynch, etc.), underpinned by a deep understanding of the Austrian theory of economic cycles.
While working at Bestinver he created the “Fondo de Ayuda para África” platform, with the objective of centralising the company’s Corporate Social Responsibility activities. This structure gave the company, its clients and its employees, the mechanism for allocating their donations to humanitarian and development projects in Africa, run by the direct partner, Africa Directo.
He has recently published his first book “Invirtiendo a largo plazo”, which will soon be translated to English and several other languages. The book is one of the initiatives that will help him share his knowledge, inspire and educate investors all around the world in value investing. Mr Paramés has an Economics degree from the Universidad Complutense and a Master’s from IESE. He is fluent in Spanish, English and French and in written German and Italian.
Steve Gorelik is a Portfolio Manager with Firebird Management, a value oriented asset management firm with over 20 years of experience investing in Eastern European and North American markets. Steve’s investment experience includes both public and private equity investments in Eastern Europe with a particular focus on Baltic Countries, Romania, Georgia and banks across the whole region. In addition, Steve acts as lead portfolio manager of Firebird U.S. Value Fund.
He is a graduate of Value Investing Program at Columbia University Graduate School of Business. He also holds a BS degree from Carnegie Mellon University as well as a CFA (chartered financial analyst) charter and membership in Beta Gamma Sigma honor society.
Raphaël Moreau is a fund manager at Amiral Gestion since 2008. He focuses on European small & mid capitalizations where he likes analyzing under-researched companies and stocks in “contrarian zipcodes”. Prior to joining Amiral Gestion, he had experiences as a sell-side analyst at UBS in London and as a fixed income financial analyst at Calyon. Raphael graduated of Essec Business School in 2007.
Alejandro Muñoz is a founding partner of EQUAM Capital, an adviser to EQUAM Global Value since its launch in January 2015. EQUAM Global Value invests primarily in mid-cap European companies, selecting companies with purely business criteria and a long-term vision.
Prior to founding EQUAM Capital, Alejandro was an advisor to Angulo Verde SICAV and a manager of equity funds in March Gestión. Previously, Alejandro had worked in Corporación Financiera Alba where he had investments in listed and unlisted companies. Alejandro has been a director of several companies in the insurance, software, advertising and telecommunications sectors.
Alejandro holds a degree in Business and Law from ICADE.
Julián Pascual is Managing Partner at Buy & Hold Asesores EAFI, he began his career as an analyst at Morgan Stanley in 1997 and moved to Deutsche Bank in 1999 where he stayed until 2004. In 2003 he was voted second best Spanish analyst by “Institutional Investor “. Since 2004 he was an independent manager of a Family Office advising several SICAV and is currently member of the Board of Directors of companies in different sectors.
Julian graduated in Philosophy from the University of Navarra and won the Special Graduation Award. He also graduated in Law from the UNED and holds a MBA from IESE.
Pedro Ramos is responsible for investments in Iberia and three Nordic countries at Forum Family Office which he joined in 2013. In addition he has sectorial responsibilities for aerospace, automotive suppliers and mining suppliers. Pedro joined Forum after completing an MBA at the London Business School. Before that he worked for 6 years at Rolls-Royce as a Life-Cycle Analyst for commercial engines.
Forum Family Office is a Munich-based family office administering the wealth of a single German family with annualized returns of 18% p.a. since inception in 2002. Since 2013 it also has a long/short equity fund with € 27m AUM. Forum has a value-oriented approach. Its investment policy focuses on European high-quality businesses run by one-in-a-kind type of managers with a strong track record for compounding a company’s worth over time. It searches for situations where a business or an industry are undergoing an inflection point in terms of returns.
Bob Robotti is the Founder, President and CIO of Robotti & Company Advisors, a registered investment advisor based in New York City. Guided by the classic tenets of value investing, Robotti and Company Advisors uses a proprietary research approach to identify companies with solid balance sheets and the ability to generate significant amounts of free cash flow, yet are misunderstood, neglected, or just out-of-favor.
Bob currently sits on the boards of Panhandle Oil & Gas Inc. (NYSE:PHX), AMREP Corporation (NYSE:AXR) and Pulse Seismic Data Inc. (TSX: PSD) for which he also serves as Chairman. Prior to founding Robotti & Company in 1983, he was the CFO of Gabelli & Company. Bob has been featured in publications such as The Wall Street Journal, Barron’s, Bloomberg, Forbes, Fortune and Outstanding Investor Digest and is a frequent speaker at business schools and investing conferences around the world. He holds a BS from Bucknell University and an MBA from Pace University.
Alexander Stensrud is Portfolio Manager of the equity fund Skagen Vekst. As part of the portfolio team, he participates in Skagen´s value based investment philosophy and caries out analysis of companies and industries. Prior to joining Skagen Vekst he has been part of Skagen´s Institutional client team in London. Alexander has a Bachelor of Arts (Hons) in Economics and Geography from the Exeter University, UK.
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 most successful asset manager with €9bn 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.
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.