Cap West Equities

Cap West Equities is a Paris-based asset management company created in Owned mostly by management who is heavily invested in all investments strategies- Independent company since its foundation with back up from French institutional investors SMABTP (EUR 20B+ AUM) and Ecofi (EUR 8B+ AUM) INVESTMENT STRATEGIES - We manage three long only equity funds initially focused on US equities with a fundamental approach- We look for companies with strong and durable competitive advantage and that are trying to improve this competitive advantage- We generally have a contrarian approach as we tend to buy companies that we think are temporary undervalued- We only invest in a small number of companies (15-25 stocks)- We can invest in companies of any market cap from any industry- We do not market time or trade frequently- We do not hedge anything- We do not try to predict macroeconomics development. INVESTMENT PROCESS : 1) We source information only from annual/quartely reports and conference calls. We can occasionally rely on industry experts. 2) Qualitative assessment: we study deeply the competitive environment and management of a company. Our approach is to find companies with great competitive advantage and which are trying to improving their advantage. 3) Valuation: we built internal model with our own hypothesis to value companies. 4) Investment decision: we would invest in a stock only if we have a deep conviction that the competitive advantage is strong enough and if our valuation gives us a potential 15% annualized return over 5 years. CAP WEST FUNDS - CAP WEST FUND - CAP IN (ISIN : FR 448 680)- CAP WEST FUND - CAP OFF (ISIN : FR 448 698)- CAP WEST PARTNERS ( ISIN : 0011 049 923)