These are our two flagship funds. Both funds replicate the same portfolio, the only relevant difference being jurisdiction: LBV Primus Fund, launched in September 2008, is Cayman-based and Equus LBV Long Short Equities Fund, launched in January 2018, is Luxembourg-based.
Please find our historical performance here.
In our strategy, we focus in pan-european small and midcaps listed equities, under a long/short approach; we are firm believers in active investment and in the value of fundamental analysis; we are style-agnostic; we are nimble generalists; we closely perform risk management; we have a culture of strict ethical principles. For more details, please see here (note: link to strategy).
Here are some details of the construction of our portfolio:
- Long book includes a (i) Structural book (c. 70% of total), composed of c. 20 stocks with typical weight of 2-8% of NAV, with an average holding period of 2 years, as well as a (ii) Trading book (c. 30% of total), composed of c. 10 stocks with typical weight of 0.5-2% of NAV, with an average holding period of 1 day to 1 year.
- Short book includes (i) group of Individual shorts, composed of c. 20 stocks with typical weight of 0.5-2% of NAV, with similar investment process as the Long Structural book, (ii) a flexible number of Pair Trades; (iii) Equity Index shorts, totalling up to 20% of the portfolio.
- 85% of the NAV will typically be represented by 20-30 Longs and 10-15 Shorts.
- Single weight should not be over 8% for Longs and 5% for Shorts.
- Gross and Net Exposure will not go above 300% and 100% of NAV respectively.
- Europe will represent at least 80% of the portfolio (historically c. 95%). For a small part of the portfolio we might own stocks listed in European emerging markets. Typically we will invest outside of Europe only to seize exposure to particular themes for which we cannot find appropriate vehicles in Europe.
Please learn here how you can invest with us.