Management philosophy

We are firm believers in the idea that there is a "right price for everything".
As the markets do not evolve in a rational way, they create anomalies that become opportunities for investors that are ready to go against the Single thought.
 

 

THE PRINCIPLES:

 


1) Our objective is to substantially outperform the relevant Bourse de Paris indices over the medium to long term while maintaining risk levels below that of the market.
 
2) HMG Finance uses a "bottom-up" approach to stock selection.
 
3) We are firm believers in the idea that there is a "right price for everything". Even the most attractive company can become overvalued if the market adopts an overoptimistic belief in its future profitability (frequently at the same time as underestimating the risks involved). Conversely the market often loses its sense of objectivity when rating a stock which has disappointed in the past, by overestimating the influence of future negative factors.
 
4) If the largest stocks tend to move in market conditions which are virtually "perfect" (i.e. high liquidity, ease of access, etc.) there are many other stocks which are much less well-known and which therefore show great anomalies of value. These are the stocks which provide interesting opportunities to the patient investor prepared to devote time to them, and frequently they are also ignored by investment houses who consider them not "profitable" enough to follow.
 
5) Clients’ portfolios and investment funds are very diversified which has the effect of "smoothing" the performance over the short to medium term.
 
6) All portfolios are managed according to the same principles. This approach is unique to HMG Finance and makes it a specialist within the portfolio management industry. Thanks to its performance and the originality of its methods, the reputation of HMG Finance far outweighs its relatively limited size.
 
To sum up, HMG Finance selects stocks without using macro-economic or sector considerations but solely on the basis of inherent value, particularly when there appears to be a great difference between this value and the market price.

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