European Internet / Online

- A concentrated portfolio of European equities which operate with online / internet based business models - Single stocks only. No ETF, no funds, only European equities - Securities are selected on the basis of the basis of having the majority of their revenues being derived from online platforms. The business are screened for high quality with the following minimum investment criteria: high profitability, high free cash flow generation, low leverage and focused business models that will benefit from the long-term structural growth in their respective niche markets - Securities are held with a long-term time horizon (5 years) and are sold when hitting proprietary price targets following outperformance - Key sources of analysis: discounted cash flow analysis, financial modelling of profit and loss / balance sheet / cash flows, comparables analysis - Key sources of information - publicly available company information (e.g. annual reports), peer financial information, site visits, meetings with company management, thematic reports, broker reports, company results presentations, capital markets days