This article previews an idea presentation at European Investing Summit 2017. It is authored by Alejandro Estebaranz, co-investment advisor with Jose Luis Benito of True Value (ISIN: ES0180792006), a fund based in Spain. True Value has €100 million in assets under mangement and has generated an annualized return since inception (2013) of 16%, net of fees, with volatility of 6.8%. The fund invests in underfollowed small and mid-cap companies. Alejandro looks for good businesses, with growth at a reasonable price, and with good management in place.

Publity AG (PBY) is a German real estate asset management company with three lines of business: retail, mid-size, and institutional. The company generates a blended management fee of around 1.3% (retail is higher, institutional is lower). They seek to invest like value investors, buying undervalued assets and waiting three years, on average, to sell them at a premium. In the meantime, they collect rent. Publity focuses on the German commercial real estate market, mainly offices.

Members, log in below to access the restricted content.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

The content of this website is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, principals and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this website. This summary in no way limits or otherwise circumscribes the full scope and effect of the complete Terms of Use.