IVI logo
IVI logo

Philosophy & Process

Philosophy

At IVI we simply do not believe that the European securities markets are perfectly efficient at all times. On the contrary, at any given point in time we would fully expect these markets to offer the fundamental investor abundant opportunity to construct a satisfactorily diversified portfolio of securities trading well below their actual ultimate intrinsic value. Further, it is our belief that by virtue of rigorous and intensive proprietary fundamental analysis we will be able to identify such undervalued securities in order to purchase them for our clients to hold until such a time as the market has repriced them up to our estimate of their intrinsic value.

Process

Our investment objective is the preservation and long-term growth of our clients' capital. We estimate that this dual objective can best be met by a portfolio containing the securities of between 30 and 100 different issuers - a number allowing for sufficient diversification to minimise individual issuer risk but at the same time also sufficient focus fully to capitalise on the performance of strong conviction ideas.

The initial selection and subsequent day-to-day management of the Fund's holdings works as follows: