Kairos European Long/Short

Investment Objective

KIS European Long/Short is a flexible equity fund that invests in the European market with a focus on stocks with favorable business prospects in the medium to long term and in the global market opportunistically while offering a sufficient level of diversification. The investment universe is European (about 1,200 names), the securities are selected or excluded on the basis of qualitative criteria up to the reference universe made up of approximately 200 securities, according to ESG logic.

Latest Meeting Note

Meeting 05 Jun 2023

The fund is an active Equity Long/Short strategy mainly focused on European markets. The portfolio is managed by Marcello Sallusti (founder of Engadine Partners; ex. Egerton) who invests based on fundamental analysis with a traditional b...

The fund is an active Equity Long/Short strategy mainly focused on European markets. The portfolio is managed by Marcello Sallusti (founder of Engadine Partners; ex. Egerton) who invests based on fundamental analysis with a traditional bottom-up approach. The long portfolio consists of company that have demonstrated over time the ability to grow through a variety of economic cycles, to reinvest at returns above the cost of capital, to generate sustainable and predictable cash flows with a strong competitive positioning and quality management aligned with the interests of shareholders (70% compounders, 30% future compounders). The short portfolio acts a natural hedge to the long portfolio but also aims to be a profit center even in the case of a strong market (due to a bias towards unsustainable business models, structural decliners, etc.). The portfolio is relatively concentrated with a max of 30-50 investment ideas on both sides of the book. The team at Engadine was appointed as sub-investment manager in 2021.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2023 0.5 0.8 0.4 0.7 0.5 0.9 0.9 0.3 0.6 0.3 0.3 0.1 0.8
2022 0.0 0.6 0.7 0.2 0.7 0.8 0.7 0.7 0.7 0.3 0.3 0.8 0.1

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