We aim to select 25-30 attractive quoted companies in the European Union, while controlling portfolio risk and creating diversity in terms of industries, geographies and company size. As we do not strive to replicate a stock market index, large mega-cap companies should not represent more than one third of the fund’s assets. We look for companies with best-in-class business models, strong competitive positions and high returns on capital employed. Our in-depth analysis focuses on the target company and its ecosystem (including clients, competitors and suppliers) to understand all relevant opportunities and risks. Regular meetings with company management and monitoring of company results are also part of our investment process.