Approach

How we invest, in plain words.

Four standing rules, minuted since 2011, five steps before we buy anything, and the people who can say no.

A portfolio manager annotating a company's annual report in pencil at a desk by a tall French window

Standing rules

Four rules, minuted since 2011.

These are the standing rules of the investment committee. Changing one needs the votes of both founders and the CIO.

Rule 01

We own between 25 and 50 companies per fund. If we cannot explain one in two minutes, we sell it.

Adopted 2011

Rule 01

We own between 25 and 50 companies per fund. If we cannot explain one in two minutes, we sell it.

Adopted 2011

Rule 02

No fund pays a performance fee. We are paid the same whether we are lucky or not.

Adopted 2011

Rule 02

No fund pays a performance fee. We are paid the same whether we are lucky or not.

Adopted 2011

Rule 03

No manager trades a fund alone. Every order has a second signature.

Adopted 2011

Rule 03

No manager trades a fund alone. Every order has a second signature.

Adopted 2011

Rule 04

The partners invest in every fund, on the same terms as you.

Adopted 2011

Rule 04

The partners invest in every fund, on the same terms as you.

Adopted 2011

Five steps

Before we buy anything.

Every company in our funds has been through the same five steps, and is reviewed again every year.

Read

The last ten annual reports, notes included. We start with the debt and the cash flow, not the story.

Meet

The managers, the customers and, when we can, the competitors. More than a hundred company visits a year.

Value

What the business is worth to an owner, with conservative numbers, written down before we look at the price.

Size

No position above 6% at purchase. The weight reflects how sure we are, not how excited.

Review

Every holding is presented again to the committee once a year. If the reasons changed, we sell.

What we avoid

What you will never find here.

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No performance fees

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No leverage

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No securities lending

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No tobacco, coal or controversial weapons

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No company we cannot visit

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No product we cannot explain on one page

3rd floor · Control

Risk is a floor, not a department.

Compliance and risk sit one floor below the managers and report to the board. They check every order before it leaves and every NAV after it is struck. They can stop a trade, and they have: four times in 2025.

4th floor

3rd floor

2nd floor

Stewardship

We vote at every meeting.

Léa Fournier runs our voting and engagement. The full report and the voting policy are on the Documents page.

412

general meetings in 2025

96% voted

412

general meetings in 2025

96% voted

votes against management

mostly on pay and board independence

votes against management

mostly on pay and board independence

engagement meetings

same questions to every company, every year

engagement meetings

same questions to every company, every year

Voting policy and stewardship report

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