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.

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