Memnon European Opportunities Strategy

Investment Objective

We think the Memnon Opportunities strategy can meaningfully outperform the European market thanks to our valuation driven process and opportunistic approach. Key to this long-term performance ambition is our flexibility to invest in small and mid-cap ideas.

Process

Zadig relies on a hands-on research approach. We build our own valuation models, meet with management of companies. Our process is bottom up and valuation driven; we never invest if we cannot justify a disproportionate upside for a reasonable amount of risk.

We think there is a comfort bias in the market, and investors overpay for perceived safety.

Mid-Caps is an area of the European Equity market where stock picking opportunities are the highest, especially in volatile and uncertain times. Current low interest rates make discounted small and mid-caps ideal M&A targets.

Why Invest in Memnon European Opportunities?

Concentrated on high conviction Mid-caps. Portfolio concentrated on a handful of high convictions where returns expectations are very high. Typically <20 positions.

Risk management. While the portfolio is concentrated on Zadig’s very best Small and Mid-caps ideas, efforts are made to avoid industry overlap between positions in the portfolio to maximise the benefit of diversification.

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Portfolio Characteristics

• Market Caps:    Small and Mid
• Number of investments:    < 20