OAM European Value Fund

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Launched at $10 per share at the end of 2002. The Fund invests in market leaders and consolidators and small and medium-sized companies that are trading at a large discount to our estimate of intrinsic value, and in closed-end funds and family-controlled investment holding companies that are trading at attractive discounts to NAV.

OAMEUVAKY 75.71

Performance Since Launch (US$)

OAM European Value Fund NAV/share

MSCI Europe (US$) Index

Excellent long-term returns

We employ a pure, deep value approach to stock-picking in Europe. We do in-depth proprietary research to unearth investments that we believe are trading at a deep discount to intrinsic value.
Maintaining an emphasis on valuation, we favour high quality, cash generative companies with a global revenue base, which are largely uncovered by analysts. We look for controlling shareholders who take a stewardship approach to their businesses, to provide an alignment of interests with our long-term, patient outlook. Europe is a prime hunting ground for these opportunities.

We have successfully applied this investment strategy throughout the Fund’s life. Whilst other managers use elements of this approach, we think we are unique in combining these strategies to investing in European equities.

Managing the risks

Stock markets are volatile but we believe that well-managed equity funds are the best way to compound savings long term, particularly for those who can do so in a tax-efficient way.

In Europe, the risks are compounded by currency fluctuations against the US Dollar which we use for measuring investment performance. Historically, the Dollar has strengthened in periods when US equities outperform non-US equities and vice-versa. This has amplified the volatility of European equity returns in US Dollars. Our view is that the US Dollar is overvalued against most currencies and European equities are cheap relative to US equities.

Launched: 31 December 2002
Annualised return: 9.8%
Size of Fund: US$240 million
Year-to-date return: 14%

Fund documents

Camilla Anderson, CFA
Fund Manager

admin@oam.com.ky | T: +1 345 949 8780

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