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So far everything is going well, everything is going well. ‘ That is Daniel Avigad’s verdict about the profitability he has generated for investors thanks to the investment fund that began to manage 17 months ago.
The fund in question is Lansdowne European Special Situations; Before Avigad joined, it was known as Crux European Special Situations and was directed by Richard Pease, a long -standing investment manager. And the performance you have obtained from the background portfolio so far is a respectable 19 percent, better than the average of the background peer group.
Lansdowne Partners bought the investment boutique Crux Asset Management in the summer of 2023. And with Pease’s retirement, Avigad was the obvious option to take command of the background. During the last ten years, Lansdowne Long Only Fund has directed from the offices of the company in London.
“I am satisfied with the evolution of the background,” says Avigad. “There is an impulse that I want to maintain and investors seem happy.”
Although the emphasis of the fund in identifying “idiosyncratic” investment opportunities is the same approach that Pease adopted, Avigad has left his own footprint in the portfolio. The number of shares has been reduced from 40 to 30, while 85 percent of the portfolio is different from the one inherited. “Many of the actions we have bought are companies that Richard liked, but in which he had not invested,” he adds.
The fund, with assets of 424 million sterling pounds, invests in companies from all over Europe, including the United Kingdom, although shares in companies that quote in the United Kingdom are restricted to five percent. He has participations in Compass actions and reports that they are quoted in the FTSE100. It also has a position in the chemical company Linde, which is quoted in the US stock market and previously quoted in the German stock market.
Avigad is nothing more than thorough when looking for adequate investments. He and his team (two analysts and the attached administrator of funds Shashwat Verma) prepare detailed financial reports on the companies they own or in which they are interested and then discuss their findings with the direction of these companies. Then they decide whether they maintain, reduce or increase their participation, or buy their actions.
Among the companies that Avigad likes is the Swedish mining company BOLIDEN. “Europe represents 15 percent of world copper demand, but only provides five percent of the world offer,” he says. «Boliden has Aitik, the largest open -air copper mine in Sweden, and should benefit from the world impulse towards electrification. In general, some of the largest without exploiting mineral in the world are in Scandinavia. ‘ He is also a supporter of the Swedish telecommunications company Tele2, which, according to him, should benefit from the consolidation of the telecommunications industry throughout Europe.

While economic perspectives for Europe are quite bleak, Avigad is convinced that his team will continue to find opportunities, either as a result of global trends such as energy transition or structural change within specific industries.
Despite the good profitability figures that Avigad has obtained so far in European special situations, the main investment platforms have not yet included it among their best European funds. But if he continues to surpass many of his peers, the investment arguments for the fund will be more solid.
For example, Interactive Investor prefers Blackrock Continental European Inome, Fidelity European, Janus Henderson European Select Opportunities and the Vanguard Ftse Developed Europe Ex-Uk Equity Index index tracker.
Total fund positions are reasonable, 0.89 percent, and Lansdowne Partners, as an investment house, currently manages active around 6.5 billion pounds.
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