In Kersio we are constantly looking for companies in which we appreciate a high intrinsic value, understood as a potential for capital gains. We are permanently invested at levels close to or greater than 90%, with a philosophy of long-term profitability, without short positions . We have a preference for quality businesses, market leaders, and powerful franchises that we are able to understand.
The size of the company is irrelevant although we do require a minimum level of liquidity, and invest in shares traded in developed markets, with a range of choice of over 1,000 securities, and normally hold between 40 and 70 securities in the portfolio .
Our approach to securities is through classical fundamental analysis, by taking into account profitability and associated risk. We analyze the securities as a team, convinced that this approach, although time consuming, reduces risks and gives much improved analysis quality.