BZ Fine Europe - Investment Focus

BZ Fine Europe is an equity fund offering our clients attractive investment ideas generated by BZ Bank. The goal is long term capital appreciation. Our investment philosophy is best characterized by a quote of Sir John Templeton, the founder of Templeton investments and long term portfolio manager of the Templeton Growth Fund. He said “the four most expensive words in the English language are ‘this time it’s different’”.

Investors remember the strong correction after the tech bubble. In the buildup to the bubble, investors did not pay much attention to Templeton’s words. Earnings based valuation measures like the P/E or ratios like market capitalization in relation to cash flow were constantly revised upwards based on the argument that “this time it’s different” – we believe that it rarely is different. We also believe that our fundamental analysis of sectors and companies will let us discover undervalued stocks. There are opportunities in the stock market to take advantage of certain mispricings created by excessive volatility. If we have a firm belief what the intrinsic value of a company is, we can invest in undervalued stocks when the time is right. We heed Sir John Templeton’s advice and maintain a conservative stance. We buy stocks when prices are significantly below fair value.

A detailed description of the investment policy of the fund is available in the Sales Prospectus.

Key and general informations