ValuAnalysis launches fund for 'under-appreciated' stocks

Founders commit $10m seed capital

ValuAnalysis has today (3 February) announced the launch of the ValuFocus fund, which will target returns of 2-3% above global equity markets.

The team, led by Pascal Costantini and Christophe Bernard, will utilise proprietary research to identify stocks with "sustainable value", from which they will select the companies whose competitive advantage is "under-appreciated" by the market. An upside surprise to global equity markets in 2020? Companies will also be excluded according to various factors, including those with excessive or hidden leverage, whose economic rent is below the cost of capital, and those which have recently made a large acquisition. While the fund does not explicitly consider ESG, the strategy will fav...