Fourpoints unveils Luxembourg Sicav with US focus
Fourpoints Investment Managers has launched a SICAV out of Luxembourg to replicate their original FCP – seeded with €50m and with a US focus.
The fund will initially be known as IT America until the end of May when it will then become Fourpoints Fund America.
The company was formed in May last year after the merger of PIM Gestion France and IT Asset Management. Fourpoints is a leading independent asset management, approved by the AMF in France, the CSSF in Luxembourg and are registered with the SEC in the United States.
The new fund is a clone of the original Fourpoints America Fund but is part of the Luxembourg SICAV and so will replicate identically, within the rules that govern the SICAV, the FCP. This is great news for investors in the UK and Europe who will now be able to access the investment skills of Fourpoints that they previously couldn’t.
Fourpoints president Béatrice Philippe describes themselves as stock pickers and she said, “We like to invest long term themes, in businesses where we can see predictable and sustainable growth.
“What is really important is the industry structure, if it is too competitive we don’t like it because there’s no pricing power. You can survive but you don’t really generate any cash flow because there’s far too much competition.
“We look at the competitive position of the companies in their industry to see if they’re the leader or among the leaders to make sure they have pricing power.”
The managers at Fourpoints are dealing with many global themes and part of their portfolio includes the infrastructure and healthcare of the emerging countries.
“There is a huge middle class in China, India and Brazil and they want better food, infrastructure and improved healthcare. So healthcare is one of our main themes.
“We believe that water is going to be a big problem and there will be wars fought for water in these countries and not oil anymore.”
The Fourpoints America Fund is one of the longest running US funds and has been going since the beginning of 1999. Throughout the fourteen years it has continued to be consistent and Béatrice Philippe hopes the new fund will do the same.
The fund, which has produced an annualised return of 9.5% since inception in May 2008, is being distributed by Gemini Investment Partners.