Why Eleva for European equities?
Eric Bendaham is an experienced manager and is following the same investment philosphy of his previously managed fund Oyster European Opportunities. Where the fund was 1st quartile since Eric started.
A frame of four key themes providing a strong base for investment opportunities
1) Family or Foundation owned businesses
2) Differentiated business model in mature industries
3) Diverging valuations between equities and credits
4) Companies undergoing significant management or shareholder changes.
Candoris works together with Eleva Capital, an employee owned Asset Manager focused only on European Equities based in Paris
Eleva Capital, the firm:
- Founded in 2014, focused exclusively on European equities
- Concentrated strategy, experienced Fund Manager successfully employed the same strategy at Oyster Funds
- Eleva currently manages ~€ 5bn (As of 30-04-2019)
The Investment Philosophy is as follows:
The investment talent and expertise of Eric Bendahan and his team is applied to a bottom-up stock picking approach, which is active in nature and conviction-based in its stock selection.
The Eleva European Selection Fund offers an active and flexible approach to European equities aimed at investors with a medium term horizon.
- Bottom-up approach: stock-picking is central to the approach and is expected to be the main source of alpha generation over time. This approach is supported by a solid macro view especially during more challenging periods.
- Great consideration is given to direct and regular contact with companies through on-site company visits and meetings with management.
- Conviction-based, active stock-picking: the investment strategy is totally active with investment decisions founded on strong convictions. As such, allocations are mostly the result of stock-picking and can deviate meaningfully from the benchmark. However, the Fund manager is “risk conscious” and tries to maintain a balanced portfolio in terms of risk/reward profile.
- Style-neutrality: The Fund is style-agnostic in the sense that investments can be done according to value and/or growth criteria depending on market cycle, visibility, and the manager’s assessment of the relative opportunity set.
- All cap-approach: The Fund invests in all market capitalization segments providing sufficient liquidity.
- Time horizon: When selecting individual stocks, the Fund manager has an 18-24 month investment horizon, over which the target price is set.
A disciplined investment process, focusing on stock selection, and targeting investments in different types of opportunities.