In Kersio we are constantly looking for companies in which we appreciate a high intrinsic value, understood as a potential for revalorisation with respect to their value. We are permanently invested in percentages close to or greater than 90%, with a philosophy of long-term profitability, without short positions, derivatives, or fixed returns. We have a preference for quality businesses, market leaders, and powerful franchises that we are able to understand, and are always seeking companies that are good value for money.
The size of the company is irrelevant although we do require a minimum level of liquidity, and invest in shares sold in developed markets, with a range of choice of over 1,000 securities, and normally hold between 50 and 80 securities in the portfolio, with a maximum of 9% in our top positions.
Our approach to securities is through classical fundamental analysis, by taking into account profitability and associated risk. We analyse the securities as a team, convinced that this approach, although it increases the time of dedication, reduces risks and gives much improved analysis quality.