Imagine a flower where the core of the flower is the luxury brands, and then the petals represent the luxury ecosystem.”
GAM Luxury Brands is led by Flavio Cereda, Investment Manager. Flavio has overall responsibility for the investment strategy, portfolio construction, research management and luxury sector research.
The team works as a focussed, nimble group of investors bound together by a highly collaborative, tight-knit culture. Although research responsibilities are split by broad sector specialisations, team members also work interchangeably across the market. This makes for a stronger and more flexible team, drives interaction and enables knowledge sharing of specific sectors.
The team draws on its long-standing relationships with an international network of industry experts, economists and analysts, as well as a ten-year relationship with leading expert network company Thirdbridge, which enables the team to meet the experts who help build its knowledge on companies and industry sectors as part of its research work.
The luxury sector has always fascinated investors: products that nobody really needs but that more and more want with best-in-class companies that thrive on innovation, momentum and brand strength.
We believe that we can add value through bottom-up stock selection which seeks to identify premium brands with heritage and/or disruption potential and strong pricing power in luxury sub-categories, operating from an unconstrained and global universe. Typically, these companies offer compounding high single digit revenue growth at 15%+ margins and high Return on Capital Employed (ROCE)*, and are thus well positioned to create substantial long-term shareholder value. Given the importance of trends in the luxury industry, we believe rigorous bottom-up analysis of companies and their competitive positioning, in addition to consumer preferences, is critical.
Our investment process is based on detailed fundamental analysis of companies, with ESG carefully considered at every stage.
We define our investment universe broadly, allowing us to identify multiple, complementary sources of alpha. We employ a top-down lens as one part of the idea generation step within the investment process, which helps identify secular themes and industry trends and can help guide the focus of our company analysis.
However, the decision whether to invest in a company or not is always based on fundamental analysis and stock specifics. As part of this process, we meet frequently with company management teams and industry experts, as well as conducting on-the-ground research. We are especially focused on ESG considerations, given their importance to this sector above many others. This detailed approach allows for accurate, risk-adjusted modelling of future earnings, coupled with an absolute valuation target price. Candidates for investment therefore go through a strict competition for capital, which has assessed all potential drivers of a company’s earnings, their ESG status and achievable valuation.
The third step of the process comprises portfolio construction and risk management. An additional layer of ESG analysis is included, considering the portfolio in aggregate. We model and assess overall portfolio risk, and ensure we are aware of all potential correlations within the portfolio.
The value of investments in assets that are denominated in currencies other than the base currency will be affected by changes in the relevant exchange rates which may cause a decline.
Non-base currency share classes may or may not be hedged to the base currency of the Fund. Changes in exchange rates will have an impact on the value of shares in the Fund which are not denominated in the base currency. Where hedging strategies are employed, they may not be fully effective.
Investments in equities (directly or indirectly via derivatives) may be subject to significant fluctuations in value.
All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed.
Si votre demande est urgente ou si vous souhaitez discuter avec l’un des membres de l’équipe, veuillez cliquer sur le bouton ci-dessous pour obtenir ses coordonnées.
Pour vos contacts locaux, veuillez sélectionner votre pays ou visitez notre page Contacts et Emplacements.
Mentions légales: Les performances passées ne sont pas un indicateur des performances futures ni des tendances actuelles ou futures. Les indications pourraient se fonder sur des chiffres libellés dans une devise pouvant différer de la devise de votre pays de résidence et le rendement peut de ce fait évoluer à la hausse comme à la baisse en conséquence de fluctuations de change. Capital sous risque: Les instruments financiers engendrent un facteur de risque. Par conséquent, la valeur de l’investissement et le rendement qui en résulte peuvent varier et la valeur initiale de l’investissement investi ne peut pas être garantie. Aucune référence à un titre financier ne saurait constituer une recommandation d'achat ou de vente de ce titre.
Veuillez vous connecter ou enregistrer pour voir votre liste de suivi.
Le contenu que vous avez demandé est soumis à des restrictions dans certaines juridictions.
Veuillez sélectionner votre profil d’investisseur pour continuer.
Your watchlist has been updated.