Latest Insights on the SMID Strategy

Views and Analysis

Swiss Equities Small and Mid Cap Strategy August 2022 – review and outlook

THOMAS JÄGER, PORTFOLIO MANAGER
23rd SEPTEMBER 2022

The hope of a central bank pivot has been crushed by the most recent FED signalling that the interest rate hiking cycle will last for a prolonged period of time. This also put a future goldilocks scenario of receding inflation, resistant economic growth and peaking interest rates further away.

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Views and Analysis

SWISS EQUITIES SMALL AND MID CAP STRATEGY - JULY 2022 – OUTLOOK

THOMAS JÄGER, PORTFOLIO MANAGER
24th AUGUST 2022

July felt like a breath of fresh air for financial investors, but the months ahead look tricky as ever. Earnings season is well underway and it is confirming our assessment that, in general, sales growth is keeping up with expectation, and even, at times, surprising on the upside.

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The Swiss small and mid-cap (SMID) investment universe offers significant exposure to companies with strong growth potential into the long-term – if active managers know the space, do the research, and make disciplined and reasoned stock selections.

We believe the track record of the asset class speaks for itself: since 2000, the SPI Extra, the index tracking Swiss SMIDS, has grown 454%, against 231% for Switzerland’s broader index, the SPI.

To help you keep track of how the fund and the wider Swiss SMID universe is faring, we’ve created this page as a forum to consolidate news and insights on the strategy, and to keep you updated on any new developments.

Sustainabilty and our SMID strategy

  • The team works in close collaboration with Mirabaud Asset Management’s Socially Responsible Investing team to ensure it is aligned with the latest in ESG policies and practices
     
  • We exclude controversial weapons, tobacco, thermal coal, adult entertainment, and gambling, as well as companies that violate the UN Global Compact
     
  • We take both a top-down and bottom-up approach, excluding companies with low ESG ratings and evaluating our potential investments on the quality and sustainability of their business model
     
  • With both ESG-aligned voting and engagement policies, we strive to encourage best practices across the business community and deliver an ESG premium to our investors.

 

How the strategy works

Identifying compounders

We seek out companies with high returns on capital employed, smart capital allocation, defendable moats – and viable growth stories.

Bottom-up

Approaching investments like business owners, we are passionate stock-pickers and base our decisions on extensively research qualitative and quantitative data.

Patience

We have a bias towards the long-term – our preferred holding would be forever. This long-term time horizon means we can think about the future first, and find companies that do the same.

Discipline

We are laser-focused on finding and extracting the optimal added value – we filter the noise out to identify the right fundamentals to base our decisions on, and are not afraid to be firm.

Our investment philosophy

Our philosophy is founded on identifying stocks with potential for delivering resilient compounding growth based on:

  • High return on capital employed
  • Smart capital allocation
  • Defendable ‘moats’ – ie. able to sustain competitive advantages over their competitors
  • Growth narratives with long-term upside potential

Mirabaud Asset Management welcomes Jan Widmer to our Swiss Equity investment team

We are very happy to welcome Jan Widmer to our Swiss Equity investment team.

Jan has 17 years’ experience in investment management and has spent the last ten years successfully managing St.Galler Kantonalbank’s Swiss Equity Fund.

Jan’s arrival at MAM means he is reunited with his former colleague Thomas Jaeger, who he worked alongside at St.Galler Kantonalbank.

Read the Press Release

Valuation is emerging as the key element.

We invite you to read The Market’s in-depth interview with Daniele Scilingo and Thomas Jäger. They share their outlook for the sector, along with insights into some of their key holdings.

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Mirabaud Equities Swiss Small and Mid Strategy

View the strategy details and reporting

Mirabaud Equities Swiss Small and Mid Strategy team

Daniele Scilingo

Head of Swiss Equities

 

Daniele Scilingo, Head of Swiss Equities, joined Mirabaud Asset Management in 2020. He joins from nanos investment ag, the firm he founded in 2017, where he advised family offices and HNWI on concentrated Swiss quality stock portfolios. With three decades of investment experience, Scilingo spent 15 years at Pictet Asset Management in Zurich and London. As a director he successfully led the build-up and expansion of the Swiss Equities franchise in Zurich. In London, he expanded his experience into European and global equities as well as international business management. Prior to Pictet, Scilingo also spent a decade at Vontobel as a sell-side analyst for Swiss equities.

 

Daniele is a CFA Charterholder.

Thomas Jäger

Portfolio Manager

 

Thomas Jäger joined Mirabaud Asset Management in 2017 as Senior Portfolio Manager. Prior to this he worked as an equity buy-side analyst at St. Galler Kantonalbank and managed the Swiss equity fund "SGKB Aktien Schweiz". Before this, Thomas worked as a portfolio manager for mixed asset management mandates at St.Galler Kantonalbank.

 

Thomas Jäger studied general management at the university of applied sciences in St. Gallen and completed various further training programs (CIIA, Swiss financial planner with professional license).

Nicolas Bürki

Portfolio Manager

 

Nicolas Bürki, joined Mirabaud Asset Management in 2005 and has experience in the asset management industry since 1997. Nicolas previously worked as an Equity Analyst and Manager of institutional multimanager mandates at Banque Cantonale Vaudoise. Prior to this, he worked at Ernst & Young and Deloitte & Touche as Senior Financial Auditor.

 

Nicolas Bürki holds a Master’s degree in Economics from the University of Lausanne (HEC). He is a CFA and a CMT charterholder.

Contacts

Switzerland

Jérôme Paganini

Head of Sales, Switzerland


MIRABAUD ASSET MANAGEMENT (SUISSE) SA
29, boulevard Georges-Favon
1204 Geneva
T +41 58 200 60 81

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Switzerland

Alexis Dinsfriend

Sales Executive


MIRABAUD ASSET MANAGEMENT (SUISSE) SA
29, boulevard Georges-Favon
1204 Geneva
T +41 58 200 6047

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Switzerland

Stefan Stucki

Head of Institutional Sales ZH Office


MIRABAUD ASSET MANAGEMENT (SUISSE) SA
Claridenstrasse 26
8002 Zurich
T +41 (0) 58 200 61 54

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Switzerland

Louis William Wagner Ley

Wholesale Manager


MIRABAUD ASSET MANAGEMENT (SUISSE) SA
Claridenstrasse 26
8002 Zurich
T +41 58 200 61 59

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Italy

David Basola

Head of Consultants, GFI & Southern Europe


Mirabaud Asset Management (Europe) - Succursale Italiana
Via Giuseppe Mengoni 4
20121 Milano
T +44 20 3167 7014

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Italy

Mattia Pastrolin

Senior Sales Executive, Italy


Mirabaud Asset Management (Europe) - Succursale Italiana
Via Giuseppe Mengoni 4
20121 Milano
T +44 20 3167 7015

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United Kingdom

Ilaria Malacco

Sales Executive, Italy


MIRABAUD ASSET MANAGEMENT LIMITED
5th Floor
10 Bressenden Place
SW1E 5DH London
T +44 20 3167 7021

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France

Isabelle Richard

Head of Sales France


MIRABAUD ASSET MANAGEMENT (FRANCE) SAS
13, avenue Hoche
75008 Paris
T +33 (1) 7935 6802

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France

Jérôme Spohn Villeroy

Wholesale Director


MIRABAUD ASSET MANAGEMENT (FRANCE) SAS
13, avenue Hoche
75008 Paris
T +33 (1) 7935 6803

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Spain

Elena Villalba

Director Iberia & Latam


Mirabaud Asset Management (Europe), S.A., Sucursal en España
Calle Fortuny, 2ª Planta 6
28010 Madrid
T +34 91 793 7810

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United Kingdom

Benjamin Carter

Head of UK Wholesale


MIRABAUD ASSET MANAGEMENT LIMITED
5th Floor
10 Bressenden Place
SW1E 5DH London
T +44 20 3897 4411/M +44 7506715897

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United Kingdom

Elliot Fowles

UK Wholesale Sales


MIRABAUD ASSET MANAGEMENT LIMITED
5th Floor
10 Bressenden Place
SW1E 5DH London
T +44 (0)7799 410071

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United Kingdom

Deji Ijaiya-Harvey

UK Wholesale Sales


MIRABAUD ASSET MANAGEMENT LIMITED
5th Floor
10 Bressenden Place
SW1E 5DH London
T +44 20 3167 7028

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IMPORTANT INFORMATION 

This marketing material contains or may incorporate by reference information concerning certain collective investment schemes ("funds") which are only available for distribution in the registered countries.  It is for your exclusive use only and it is not intended for any person who is a citizen or resident of any jurisdiction where the publication, distribution or use of the information contained herein would be subject to any restrictions.  It may also not be copied or transferred. 

This material is provided for information purposes only and shall not be construed as an offer or a recommendation to subscribe, retain or dispose of fund units or shares, investment products or strategies.  Before investing in any fund or pursuing any investment strategy, potential investors should take into account all their characteristics or objectives as well as consult the relevant legal documents. Potential investors are recommended to seek prior professional financial, legal and tax advice. The sources of the information contained within are deemed reliable. However, the accuracy or completeness of the information cannot be guaranteed and some figures may only be estimates. In addition, any opinions expressed are subject to change without notice. There is no guarantee that objectives and targets will be met by the portfolio manager. 

All investment involves risks, returns may decrease or increase because of currency fluctuations and investors may lose the amount of their original investment. Past performance is not indicative or a guarantee of future returns. 

This communication may only be circulated to Eligible Counterparties and Professional Investors and should not be circulated to Retail Investors for which it is not suitable.

Issued by: in the UK: Mirabaud Asset Management Limited which is authorised and regulated by the Financial Conduct Authority. In Switzerland: Mirabaud Asset Management (Suisse) SA, 29, boulevard Georges-Favon, 1204 Geneva, as Swiss representative. Swiss paying agent: Mirabaud & Cie SA, 29, boulevard Georges-Favon, 1204 Geneva. In France: Mirabaud Asset Management (France) SAS., 13, avenue Hoche, 75008 Paris. In Spain: Mirabaud Asset Management (España) S.G.I.I.C., S.A.U., Calle Fortuny, 6 - 2ª Planta, 28010 Madrid. In Luxembourg: Mirabaud Asset Management (Europe) SA, 25 avenue de la Liberté, L-1931 Luxembourg. The Prospectus, the Articles of Association, the Key Investor Information Document (KIID) as well as the annual and semi-annual reports (as the case may be), of the funds may be obtained free of charge from the above-mentioned entities and on the webpage: www.mirabaud-am.com/en/funds-list/.Further information on sustainability  is available at the following link: https://www.mirabaud-am.com/en/responsibly-sustainable .