End of 2001 we have built a mean position

Even after four years of outperformance, mean values remain unavoidable. This is the belief of Hortense Lacroix, Manager of the mutual fund (FCP) Saint-Honoré Europe Mid Caps to the company Financière Edmond de Rothschild.

"In a universe of rich investment more than 1,000 values at the European level, it is still possible to discover new nuggets." This part of the rating represents more than 80 of the titles. The neglect seems dangerous. As these values are the best way to target investments because they are very pure on activity. Finally, remember that some emerging areas such as renewable energy or deregulation do exist on this asset class. "Certainly, valuations are more tense than in the past but the recipient prospects remain largely superior to those of the large cap", she said.

Hortense Lacroix added that the return of volatility does not fundamentally change the gives for its management. "The portfolio is invested mainly on close cap of 2 billion, which are less sensitive to movements of flow." We are accustomed to highly varying weights to potential opportunities short term, although the positions are kept on average two years. "Société Générale de Surveillance, one of the main actors in matters of control, analysis and certification is one example. "Originally, we had identified the title and its strategic positioning without investing." End of 2001, we have built a mean position. The change of direction and the announcement of restructuring plans led us to one of the main lines of the portfolio. Since we have reduced the weight as the assessment of the course. This company is still a long-term belief.

Alongside Manuel Doméon and Arianne Elfassy, Hortense Lacroix therefore continued to apply the process rigorous investment developed with his team, starting by filtering its universe using quantitative tools. "We are looking for above all beneficiary growth;" "even high multiple us not stop for little as the visibility of growth prospects justify them", says the Manager. The team is before any emphasis on the fundamental analysis, extended over meetings with companies. On this basis, the managers make up a portfolio comprising 60 lines. Among the popular sectors of the market, Hortense Lacroix evokes the financial via Bank of Cyprus, a regional institution which rapid market share gains in Greece could stir up the greed of large groups.

Among other beliefs are called C & C, a producer of Irish cider that registers strong growth in export, and the British informed, that manages to generate important synergies of the reconciliation between its press trades, consulting and conferences. The Manager also distinguishes USG People, an acting company Dutch, and Italian Piaggo, the famous manufacturer of scooters, which results is progressing strongly.

Among the large weight is currently geophysics. "The title was already much progress, supported by an order book provided after years of under-investment in seismic, recognizes.". But we believe that the top of cycle is not achieved. We have therefore strengthened the title when the merger with Veritas, which seems a convincing response to the deficit of available capacity.

In this portfolio growth-oriented, Hortense Lacroix is interested particularly in emerging sectors, such as the new energies or Internet marketing. "These volatile areas, with a multitude of start-up, in order to well understand the positioning of each society, explains Manager." Through Q-Cells, the manufacturer of photovoltaic cells, we have chosen to locate investment in solar energy downstream of the production of polysilicones, which we expect a sharp decline in prices. Similarly, we are convinced by the concept of Tradedoubler, invoice delivery only if the Internet advertising comes through a purchase. "In the same way, some titles in the sector of capital equipment, such as Metso, are selected on their opportunities, both sectoral specificity than geographical.