Mirabaud Equities Swiss Small and Mid Strategy

A high-conviction, active equity strategy that targets quality Swiss small and mid-cap names, combining what we believe to be the best growth and value companies in the investment universe.

The strategy aims to achieve higher risk-adjusted returns than its benchmark, the SPI EXTRA Index, over a full cycle, through active management and stock selection based on bottom-up analysis of company fundamentals.

Guided by in-depth research, we get to know companies where we see potential opportunities, with the intention to invest for the long term. We are able to leverage our strong Swiss franchise to deeply connect with management teams.

WHY SWISS EQUITIES?

A local market with a global footprint. Swiss companies have geographically diversified revenues. In the small and mid-cap sector, 90% of revenues are generated from outside Switzerland.

Swiss small and mid-caps are relatively less covered by analysts, creating opportunities for active managers to identify potentially mispriced stocks.

Portfolio characteristics

CONCENTRATED	40-50 high conviction holdings with diversified investment drivers.
UNCONSTRAINED	The strategy is benchmark aware, but not benchmark constrained, meaning we have the flexibility to invest opportunistically in non-index securities.
BOTTOM-UP	We pair our stock-picking approach with patience and discipline. Security selection drives performance.
SFDR ARTICLE 8	ESG is fully integrated through exclusions, integration, and active ownership strategies.

Investment philosophy

We are high-conviction active managers and we believe in investing in quality companies. Our investment philosophy centres around three core beliefs:

Over the long-term, the share price follows the development of the company's earnings power.
Companies are living creatures that constantly evolve, but rarely change DNA. Understanding each business is crucial.
Companies that focus on generating and growing free cash flow sustainably, and allocate capital profitably, will compound value for investors.

Our goal is to identify 'compounders' that display the following characteristics:

HIGH ROCE*

We target companies capable of generating high returns on capital and that strives to ensure the sustainability of those returns over an extended timeframe.

SMART CAPITAL ALLOCATION

Future value creation hinges on a company’s ability to identify projects generating a positive spread between return on invested capital and the cost of capital.

DEFENDABLE MOAT

A company's competitive advantage, or "moat", provides protection against competition, market saturation, disruptive business models and other challenges.

SUSTAINABLE GROWTH RATES

Be it in the top-line, margin or free cash flow.

* Return on capital employed

Strategy resources

Fund Information

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Monthly Reporting

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Monthly Commentary

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Portfolio managers

Daniele Scilingo

Daniele is Head of Swiss Equities at Mirabaud Asset Management, having joined in 2020. He previously founded Nanos Investment AG (2017), advising family offices and high-net-worth individuals on concentrated Swiss quality portfolios. With three decades’ investment experience, he spent 15 years at Pictet Asset Management in Zurich and London – building the Swiss equities franchise in Zurich and later broadening into European and global equities and international business management. Earlier, he spent a decade at Vontobel as a sell-side analyst covering Swiss equities. Daniele is a CFA charterholder.

Thomas Jäger

Thomas joined Mirabaud Asset Management in 2017 as Senior Portfolio Manager. Previously at St.Galler Kantonalbank, he worked as an equity buy-side analyst and manager of the Swiss equity fund SGKB Aktien Schweiz, and earlier managed mixed-asset mandates. He studied General Management at the University of Applied Sciences in St. Gallen and holds the CIIA and the Swiss Financial Planner professional licence.

Jan Widmer

Jan joined Mirabaud Asset Management in 2022 and brings over 20 years’ experience in financial services. Prior to Mirabaud, he spent a decade at St.Galler Kantonalbank, where he managed the Swiss equity fund from 2017. He holds a Master of Advanced Studies in Corporate Finance and Banking from ZHAW and is a Certified International Investment Analyst (CIIA).

Daniele Scilingo
Head of Swiss Equities

We firmly believe that portfolios centred around compounding companies at discounted valuations offer a reliable and robust path to long-term capital appreciation.