header9.png

VALUE FUND

 

WHAT IS THE VALUE FUND?

The Fund is a Portfolio Investment Entity (PIE) that seeks to provide investors with long-term capital growth and income by directly investing in equities on a global basis, while at the same time adhering to a “Margin of Safety” investment philosophy. The strategy of the Fund is to mainly invest in shares (equity securities – including Preferred’s and Convertibles*) of entities trading at a discount in relation to the entities’ net asset value/intrinsic value**, with low debt levels***, and which have a history of paying dividends and/or returning capital to shareholders.

* A Preferred stock/share is a class of ownership in a corporation/company that has a higher claim on its assets and earnings than common stock/equity. Preferred shares generally have a dividend that must be paid out before dividends to common shareholders, and the shares usually do not carry voting rights. Preferred stock combines features of debt, in that it typically pays fixed dividends, and equity, in that it has the potential to appreciate in price. Convertibles are securities, usually bonds or preferred shares, that can be converted into common stock / shares or equity. Convertibles are most often associated with convertible bonds, which allow bond-holders to convert their creditor position to that of an equity holder at an agreed-upon price. Other convertible securities can include notes and preferred shares.

** Net Asset Value / Intrinsic Value – is also referred to as “Private Market Value”. Collectively we define them as the value an informed buyer would pay to purchase assets with similar characteristics. We measure Net Asset Value/Intrinsic Value or Private Market Value by scrutinising on and off balance sheet assets, liabilities, and free cash flow. We also examine valuations and transactions in the public domain to formulate our view of possible future value.

*** Low Debt Levels – can be assessed relative to tangible and/or intangible assets, free cash flow, the industry in which an entity operates, or relative to peers within an industry. 

WHY CONSIDER THE VALUE FUND?

 

FEATURES.png

GLOBAL
Elevation Capital invests in companies around the world.

PROPRIETARY RESEARCH
We conduct our own thorough and independent research.

Untitled-12.png

CONTRARIAN
It is impossible to produce superior performance unless you do something different. The investments in our Fund are often against prevailing sentiments.

Fund Features & What we Look for3.png

MARGIN OF SAFETY
Buying shares in companies for less than their intrinsic value reduces risk.

 

VALUE INVESTING
Has proven over time to be the most consistent investment methodology to provide positive long-term investment returns.

COMMON INTEREST
We are in this together – everyone that works at Elevation Capital is invested in our Fund/s.

BENCHMARK AGNOSTIC
Our portfolio in no way resembles an index. We are focused on absolute returns not relative returns. You can’t spend relative returns.

nvklbvefnpb2.png

CASH BALANCE
The fund operates with a net cash balance. Cash provides optionality, ballast against volatility and reduces the risks of permanent loss.

 
 

NO PERFORMANCE FEE
There is no Performance Fee
of any kind

TRANSPARENT
We have made everything from the underlying investments to the fee structures as transparent as possible.

 

WHAT ARE SOME OF THE BUSINESSES THE VALUE FUND OWNS A STAKE IN?

Tiffany & Co.

TODS SPA

COTY INC.

 

LUXOTTICA SPA

EDGEWELL PERSONAL CARE COMPANY

DISCOVERY COMMUNICATIONS INC.

 

COACH INC.

SKYLINE ENTERPRISES LTD

PENTAL LTD

 
 
bank.jpg

VALUE FUND MONTHLY, QUARTERLY & ANNUAL REPORTS AND KEY FUND OFFERING DOCUMENTS

 

 
 

VALUE FUND INVESTMENT REALISATIONS BY YEAR

View all investments sold in any given year and the investment return associated with it.
Historical investment presentations can also be viewed here.

 
 
 

VALUE FUND AWARDS, NOMINATIONS & INDEPENDENT RESEARCH

 

industry RECOGNITION FOR OUR Results

Elevation Capital's "sharp stockpicking talents really came to the fore in 2016. Founder and Portfolio Manager Christopher Swasbrook's approach of judiciously selecting companies that have built ‘brand moats' around their businesses and trade at discounts to intrinsic value enabled the firm to deliver a banner year, all the more impressive given the relatively high cash hoard." "Also noteworthy are the firm's commitment to transparency and to future fee reductions as assets grow. These characteristics all make Elevation Capital a worthy option for Kiwis looking to diversify their investments overseas." - Christopher Douglas, Morningstar's Head of Research

Awards.png

INDEPENDENT RESEARCH

 
people.jpg

HOW DO I INVEST IN THE VALUE FUND?