Investment Strategy
Investment Philosophy
European equities that create value: companies with clear competitive advantages, disciplined capital allocation, and identifiable catalysts (divestments, restructurings, balance sheet optimization, improvement in corporate governance).
Programmable finance & tokenization: protocols and digital assets with real utility, security, and network effects, integrated into measurable economic flows.
Artificial Intelligence as a multiplier: companies (infrastructure, MLOps, cybersecurity, data) that enable efficiency and margin expansion, as well as vertical use cases with strong traction.
Strategy
Target allocation (indicative, subject to our Committee): European Equities (40–60%)
Core value/quality: European “compounders” and niche leaders.
Catalysts: corporate events, spin-offs, relistings, capital structure optimization, and ESG/governance improvements.
Crypto Assets (20–40%)
Infrastructure: L1/L2 networks with adoption, data/middleware oracles, and security components.
Yield and liquidity: liquid/restaking positions with prudent governance; systemic DeFi exposures within defined limits.
Tactical: airdrops and event-driven opportunities, basis trades, and hedging strategies.
AI & Data (10–30%)
Public/private equity: semiconductors, European cloud infrastructure, MLOps, cybersecurity, data labeling; vertical SaaS with embedded AI.
Liquidity / Hedging (0–20%) Cash, EU/CHF sovereign bills, and derivatives for drawdown control and beta/FX management.
Horizon: 15–30 years
Investment Process
Opportunity sourcing: proprietary channels, industry networks, quantitative screeners, and deal flow with GPs and accelerators.
Due diligence: business fundamentals (unit economics, competitive moat), legal/regulatory aspects (licenses, IP), technical review (security, architecture), and financial analysis (models and scenarios).
Valuation and thesis development: DCF, ROCE, and EV/IC for equities; tokenomics, TVL, user base, and fee capture for crypto assets; and AI KPIs such as ARR, gross margin, and LTV/CAC.
Execution: multi-venue best execution, liquidity-based scaling, slippage control, and institutional-grade custody.
Monitoring: alerts, watchlists, bi-weekly committee reviews, and continuous risk assessment.