But I assume that it sells never more than the top

Increasing pressure in the short term investment funds and hedge funds has strongly changed the way to work with traditional investors. David Baverez, the star of Fidelity International, who founded KDA Capital last year, in any case placed this observation to the heart of his thinking. His reply was to create a "long only" Fund (long-term) concentrate on 20 values, is to block the money invested for three years. "Managers long-term live constantly in fear of a withdrawal of the subscriptions in the phases of stock market downturn, justifies." To avoid this sword of Damocles, I opted for the blocking of the placed amounts for three years. In may, when so many managers were forced to keep a component of cash to meet a possible panic of subscribers, I have a contrario could take full advantage of market anomalies.

If David Baverez quickly found support of us and Swiss investors, the idea has however allowed more cautiously in continental Europe. "These misgivings are probably by the difference of culture", assumes the Manager. Convinced that the performance is proportional to the length of detention of the Fund, he emphasized the fact that this investment horizon allows it to focus on the changes in European companies. "In contrast to political Europe, which is marked by a deep stagnation, Europe of the company is significant mutations, I sought to apprehend by cutting them into four components. The first deals with the environment changes, be they regulatory or technological order. "In Germany, for example, the recent reforms for employment gave a boost to labour, favourable to companies such as Randstad, a human resources service providers", illustrates. In the second quarter, its German branch in fact recorded an increase of 62 of its turnover.

The second component includes changes in leadership and strategy. As an example, the manager cited Lafarge whose strategy has long been focused on the growth of market share. With the arrival of Bruno Lafont, the priority is now to improve margins, including streamlining the acquisitions of recent years.

The third component focuses on changes in perception of the company. David Baverez highlights IVG, one of rare land German traded. "That person would have invested in the German real estate three years ago, the title has the wind in its sails now that market enthusiasm for the Germany."

On the fourth component, relative to ratios of assessment Manager details the case of Icade, the real estate subsidiary of the Caisse des Dépôts introduced on the stock exchange last April. "For the moment, this little valued under the contract is essentially valued by the classic haircut on the revalued net assets, although this ratio does not reflect its potential for growth in services (20 of the current turnover)." "His image should improve over its restructuring and it is not excluded that market operators use, as they have done for other land, to the sum of the parts involving the value of business for its service activities", anticipating.

With the time to ally, David Baverez has decided to retain Intesa when many of his fellow students have benefited from the reconciliation with San Paolo to take their profits. Although he had invested on the title in 2002 (at the capture of Corrado Passera function), the Manager has preferred to accompany the creation of a national champion, as his dividend, higher than the industry standard, provides an excellent return on investment.

In a long-term perspective, David Baverez maintains the Cape on Allianz and restructuring initiated by Mickael Diekmann in Allianz, pointing that it tackles now streamlining of trade networks. Long term, it is positioned on Panalpina, by outsourcing logistics services company. It also refers to Julius Baer, whose management team has been deeply revised, emphasizing that this private bank allows to build on the emergence of new fortunes.

The freedom that comes with this lock also enables it to take profits only when defined strategies have achieved their objectives. David Baverez refers to support Swedish Match and Eiffage, which are appreciated respectively 35 over the six months of detention and 80 in four months. "These two titles have probably not completed their journey, recognize." The first is still considerably undervalued its balance sheet and its growth in snuff. The second has completed a diversification strategy which is now a target of choice. But I assume that it sells never more than the top. My investment has been validated assumptions, I preferred to realize capital gains.