We are value investors.

We invest when a security’s fair value is higher than its market price. We invest in undervalued equities, countries, sectors, funds, or fixed-income securities. In our funds we hold value, growth and turnaround securities that are trading at a substantial discount to their fair value. Where necessary, we hedge against price shocks. With our systematic methodology we achieve significantly higher returns over the longer term compared to other investment techniques. In addition to our classic Value funds, we also offer Smart Beta products under the “Modulor” designation, which combine value anomalies with quantitative insights.

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  • Investing in 2017

    Despite a good start into 2017, a sense of uncertainty remains as the market is still trying to figure out the impact of the Trump presidency - is it good for the market, or harmful? There are many indications that the year 2016 was a year of transformation, the effects of which will only start to unfold in 2017. Maybe people will still be talking about this year of the tipping point 100 years from now. The US is taking a step back from its role as keeper of the Western world and trade order. It is veering away from long-term multilateral treaties, which is creating a vacuum that is readily filled by other countries such as China.
    Europeans are wrong to adopt an arrogant attitude when talking about the US elections. Election results happen for a reason. Rather, they reflect a level of desperation that is similar in both the US and Europe. The middle class, although doing well, feels overwhelmed, pushed to the sidelines and not understood. People take their revenge at the ballot box. They are looking for leaders who offer simple solutions. Unfortunately, simplification does not solve problems; rather, the complex problems will remain and become even more complex in the coming years.

    And just as unfortunately, the political landscape does not have any actors who develop intelligent, active and visionary concepts. Management of politics that is based on opinion polls and not solutions is the wrong approach.

    The effects on equity markets are negative. Every disturbance, every trade restriction and uncertainty reduces the willingness to invest, increases costs and drives up inflation. We expect larger disturbances on the interest and currency side in 2017. Interest rates in the Eurozone will probably start to drift apart (the more other Euro exits are discussed in concrete terms), the interest gap between the US and Europe could become bigger, and a currency war between the US and the rest of the world is also a possibility. Such disturbances could happen suddenly - so let us get ready for occasional storms in interest markets.
    Still: Good stock corporations will continue to do well. Stock yields are much higher than bond yields, and as long as companies make things that people need, we do not have to worry about the long-term development of stocks, even if that path may be particularly bumpy in 2017.

    Artificial intelligence is on the advance - First AI fund in 2017

    Self-driving cars are coming, and so are self-managing funds. Of that, ACATIS is sure. It is also the reason we are offering the first mutual fund that is entirely controlled by artificial intelligence (AI) in 2017. Stock selection, weighting and reorganisation activities are based on the Deep Learning models. The fund manager no longer intervenes in the portfolio decision-making process. The self-learning model progressively adjusts to the market environment and pursues a long-term horizon.

    Deep learning models

    The deep learning models for the fund are based on fundamental data such as sales revenues, EBIT, profit and much more. The fundamental data is derived from an extensive company database that has been developed and steadily expanded for 15 years. The data goes back as far as 1986. The model is based on millions of observations.

    Our role models

    Warren Buffett, the most successful investor ever, who built up a fortune of around $70 billion through smart investing and donated the majority to good causes. We use his investment style as orientation. His motto is: “Price is what you pay, value is what you get”.

    Benjamin Graham, Warren Buffett's mentor, who in 1934 laid the foundation for financial analysis and value investing in his book "Security Analysis." Scientific studies and practical experience have shown that his investment style still functions extremely well today. His comments on the manic-depressive “Mr. Market” are just as valid today as they were then.

    Our models

    We take a long-term approach in our models for valuing companies, looking back 10 years and forward 10 years. On this basis, we invest if we identify a substantial undervaluation versus the past 10-year average. Our current portfolios are 10% undervalued and therefore offer long-term protection. We are cautious with our model assumptions. If they are correct, our share selection can generate long-term rates of return of more than 10% per year. That is our goal, and we are not using benchmarks as an orientation tool in this context.


    The Great Minds of Investing

    © 2015 FinanzBuch Verlag, The Great Minds of Investing, 144 pages, hardcover

    Our illustrated book "The Great Minds of Investing" is ready for release – fresh from the printing press. This is the first time that ACATIS Investment has joined the ranks of book publishers, with the aim of closing an important gap: A book with portraits of the great and important investors of our time.

    American photographer Michael O'Brien worked his way through our wish list and was able to photograph 33 world-famous financial experts over a time span of five years. His work resulted in a series of stunning black and white photos. Financial journalist William Green and German authors Birgit Wetjen and Gisela Baur interviewed the investors and put together short profiles that explain just what made these individuals into the financial geniuses that they are. Finally, DJ Stout from the Pentagram agency was responsible for designing the book - it is a visual delight! FinanzBuch Verlag in Munich agreed to publish the book.   

    The book was released (in book stores and at Amazon) at the same time as this year's ACATIS Value Conference on May 29.

    Read more about the book at:

    http://greatmindsofinvesting.com/

  • Quick introduction

    ACATIS funds at a glance

    Our latest awards

    Dr. Leber, Fund manager of the year 2017
    Investment Europe
    Best Fund Brand
    Euro Fund Award
    Best fund boutique 2016/ Private Banker
    German fund award (Datini)
    German fund award (ELM)
    Lipper Leader
    Les Globes de la Gestion
    FERI Fonds Rating