Overview
Risk Indicator
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Mirabaud - Discovery Europe A cap. EUR
Discovering small and mid-cap companies across Europe with compelling long-term growth stories. Characteristics we look for include: niche market dominance, beneficiaries of transformational change and innovation leadership. We believe there is less market efficiency in small and mid-caps as a result of lower analyst coverage. We carry out thorough research, including company visits, to help us identify what we believe to be hidden gems.
The portfolio is driven by three sustainable themes: SAFER - increasing safety, compliance and regulation; SMARTER - better harnessing technology to improve quality of life, and; CIRCULAR - reducing waste and using the planet’s resources more efficiently. We follow a three-step process: 1. Exclusion of companies operating in controversial sectors, and companies involved in recent major controversies; 2. Positive screening - aiming to minimise downside risk of the portfolio by only including companies with the top 80% ESG scores; 3. In-depth analysis of material ESG issues for all companies, along with ongoing engagement.
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Mirabaud - Discovery Europe A cap. EUR
The standout contributor at the holdings level in December was recent addition Swedish schools operator, AcadeMedia. We believe the business is well positioned to address the estimated shortage of 300,000 German preschool places by opening 10-15 new preschools a year from their base of 98 schools and 8000 places in Germany. AcadeMedia's November AGM also delivered the approval a voluntary share redemption programme to return cash to shareholders from the high free cash flow. In our view, the company's objective of educating 200,000 children each year is a great way to make society smarter.
Our process continues to discover smarter, safer and circular businesses that we believe are well positioned for the future. We continue to see opportunities in consumer, industrial and technology businesses. In December, we added a holding in the Swedish industrial Bergman & Beving – a business we have known for some time having successfully held one of its spin-offs, Lagercrantz, since 2015. The management of Lagercrantz have since returned to Bergman & Beving to transform that business, with a focus on niche industries, high market shares, margins and free cash flow. We hope management will be successful in building on the business' strengths in workplace safety.
As the many crises that Europe has faced fall into historical perspective, we observe resilience and see opportunity. Inflation is beginning to decelerate and European central banks are easing, but tight monetary conditions continue globally, so we remain vigilant. We see an evergreen opportunity for the discovery of bottom-up fundamental investments that we believe can deliver compounding returns over the long term.
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Mirabaud - Discovery Europe A cap. EUR
Mirabaud - Discovery Europe A cap. EUR
NAV adjusted in case of distribution
Source: Mirabaud Asset Management. Share class and benchmark performance displayed in EUR. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. The Fund is actively managed. The benchmark is shown for comparison purposes only, without implying any particular constraints to the Fund’s investments. Any entry, exit and other charges, commissions or fees, if applied, are excluded from the calculation. Past performance does not predict future returns.
Please note that the frequency of returns used in the above calculations may be different than the one used in the official reporting documents and results may vary accordingly.
Past performance is not indicative or a guarantee of future returns. Performance figures do not take into account subscription and redemption fees that might be levied. The sources of the information displayed are deemed reliable. However, the accuracy or completeness of the information displayed cannot be guaranteed, and some figures are only estimates.
Mirabaud - Discovery Europe A cap. EUR
Head of European Equities
Hywel Franklin, Head of European Equities within Mirabaud Asset Management, has experience in the industry since 2001. Prior to joining Mirabaud Asset Management in November 2018, Hywel was a Senior Portfolio Manager at UBS and held a number of roles including Head of Global Smaller Companies, Portfolio Manager/Analyst Global Equities, and Head of Thematic Equities. Hywel Franklin holds an Master of Arts degree in French and German from the University of Oxford and is a CFA Charterholder.
Portfolio Manager
Trevor Fitzgerald, Senior Portfolio Manager in the European Equities team within Mirabaud Asset Management, has experience in the asset management industry since 2000. Prior to joining Mirabaud Asset Management in September 2015, Trevor worked at Credit Suisse as Pan Euro Equity Small & Mid Cap Sales which he joined in 2008. He previously spent four years as Equity Sales at Numis Securities and worked at Seymour Pierce and Altium Capital, where he started his career. Trevor Fitzgerald holds a first-class degree in Economics from the University of Sydney.
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Mirabaud - Discovery Europe A cap. EUR
Luxembourg
SICAV
Daily
Daily / Daily
0 Business Day / 2 Business Days
0 Business Day / 2 Business Days
16/11/2015
EUR
LU0334003224
MSCI Europe Small Cap TR Net EUR
Bank Pictet & Cie (Europe) AG, Succursale de Luxembourg
Deloitte Audit Sarl
FundPartner Solutions (Europe) SA
Mirabaud - Discovery Europe A cap. EUR
Mirabaud Funds
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