Investing is all about assumptions.
What are yours?
NOTHING IS
AS IT SEEMS

 

A company’s share price reflects the weighted assumptions of market participants regarding its future development. The distinct views, interpretations, investing requirements and probability scenarios of various investors find their collective expression in this price which, along with opinions about the many influencing factors, shift on a daily basis. Market and competitive dynamics, business models and their sustainability, execution skills and employee motivation are all important factors to be assessed.

Key assumptions are summarised in the variability of revenue growth and profit margin expectations, which ultimately drive company profits and cash flows.

At the end of the day, a company’s share price is nothing more than the price at which two investors with different assumptions meet.

BARIUS CAPITAL MANAGEMENT

Barius Capital Management (BCM) is a growing, independent investment boutique based in Munich. On behalf of our clients, we pursue an attractive niche market beyond mainstream and large capitalisation indices, investing in the public equity of small- and medium-sized European companies. Exploiting informational inefficiencies in a market that is overlooked by most other participants is key to our investment strategy. The Barius European Opportunities Fund comprises primarily of quality European companies with above-average growth rates and high inherent cash flow generation.

At the core of Barius Capital Management is a team of high-calibre professionals with many years of experience in international financial markets and equity investments. Experience, performance and trust are firmly entrenched in our DNA. We generate alpha for our investors by acting with foresight and caution, recognising market trends early on and selecting investments that stay true to our investment philosophy.

TEAM

Martin Hofberger | BARIUS CAPITAL MANAGEMENT München

Martin Hofberger

Martin Hofberger, Managing Partner, is an expert in global capital markets and equity investments with more than 20 years of investing experience. He started his career at global venture capital firm Siemens Venture Capital and subsequently worked at the European private equity firm NIBC Capital Partners. In these roles, he worked on 32 direct investments in growth companies as well as established medium-sized companies. Thereafter, he managed various special mandates for private and institutional investors, particularly in the small- and medium-sized European company segment. Together with Götz Mäuser, he founded Barius Capital Management and launched the Barius European Opportunities equity fund in 2018. Martin comes from Bavaria, holds an MBA from London Business School and completed part of his studies at The Wharton School. He is also a CFA Charterholder. 

Götz Mäuser | BARIUS CAPITAL MANAGEMENT München

Götz Mäuser

Götz Mäuser, Partner, is an investor and advisor with more than 30 years of expertise in capital markets, M&A and business development. He began his career at management consulting firm McKinsey and worked, among others, in Germany and Brazil. He continued his career as partner at private equity firm Permira and successfully led various mergers and acquisitions (including those of SBS Broadcasting Sarl and ProSiebenSat.1 Media AG). Götz was a member of the Supervisory Board of MDAX-listed ProSiebensat.1 Media AG from 2007 to 2014, including more than four years as Chairman. Since 2014, he has been active as an independent investor and member of various boards. Götz comes from Hessen, is a business graduate and holds an MBA from the Leonard N. Stern School of Business at New York University. 

JP Duboisson | BARIUS CAPITAL MANAGEMENT Munich

JP du Buisson

JP du Buisson, Investment Manager, has over ten years of investment management and investment banking experience focussing on small-to-mid-cap companies in both developed and emerging markets. He began his career by completing his accounting articles and joining the Corporate Finance team of Nedbank, there he gained experience in M&A, equity capital raising, listings and valuations at one of South Africa’s largest domestic banks then part of FTSE 100 company Old Mutual plc. Before joining Barius Capital Management, he was an investment manager at the Special Opportunities hedge fund of Westbrooke Alternative Asset Management which pursued special situation and activist investment strategies within the South African small- and mid-cap landscape. JP is South African and holds undergraduate finance as well as postgraduate accounting degrees from the University of Cape Town. He is also a CFA Charterholder and qualified as a Chartered Accountant. 

Thibault Mercier

Thibault Mercier, Investment Manager, has eight years of experience with a strong focus on European equity investing. He has worked at well-known companies and his path led him, among others, to the private equity fund of Ardian (previously AXA Private Equity). Thereafter, Thibault was an analyst at Forum Family Office, which specialises in European small- and mid-capitalisation companies and follows a value investing approach. He also founded THIME Management, a financial strategy and investment advisory firm that not only advises private and institutional investors but also supports entrepreneurs in realising their business ideas. Thibault grew up in France, holds a Master’s degree in Engineering and an Advanced Master’s degree (“summa cum laude”) in Finance from ESSEC in Paris. 

Doris Hirzi Bariu

Doris Hirzi

Doris Hirzi, Investor Relations and Business Development Director, is the latest addition to the Barius Capital Management (BCM) team. For the past 10 years she worked in investment banking and asset management at Raiffeisen Bank International (RBI) and Kommunalkredit (KA) specialising in developing, structuring and distributing alternative investments with underlying portfolios more than € 1 billion. Additionally, she also led strategic board projects. Before joining BCM, she worked with a former Deutsche Bank management team on the restructuring of KA and the establishment of its asset management businessincluding the launch of a € 350 million senior debt infrastructure fund. Before entering the banking world, she gained professional experience in marketing and PR at well-known companies (MediaEdge:CIA, Young&Rubicam and Siemens Corporate Communications). Doris is an Austrian national and holds a Master’s degree in Foreign Trade/Marketing and Corporate Finance from the Vienna University of Economics and Business. 

BARIUS EUROPEAN OPPORTUNITIES

ISIN Retail: DE000A2JF865 Institutional: DE000A2JF873
Administrator HANSAINVEST Hanseatische Investment-GmbH
Depositary Donner & Reuschel AG
Tied Agency Provisioning DWPT Deutsche Wertpapiertreuhand GmbH
Advisor Barius Capital Management GmbH
Type of Fund UCITS
Domicile Germany
Base Currency EUR
NAV Calculation Daily
Inception Date 3 September 2018
Classification Equity (51% and higher)
Minimum Investment Retail: EUR 1 Institutional: EUR 500,000
Management Fee Retail: 1.5% Institutional: 1.2%
Performance Fee 12.5% with High Water Mark
Earnings Accumulation

NEWS

Interview Berenberg Vermögensverwalter Office

Hamburg, 18. September 2018

Das Interview mit Herrn Hofberger wurde geführt von Sven Hoppenhöft vom Berenberg Vermögensverwalter Office, das als Verwahrstelle für den genannten Fonds fungiert.

Pressemitteilung HANSAINVEST

Hamburg, 5. September 2018

Neuer Fonds: Free Cash Flow Compounders bei Micro und Small Caps im Fokus von Barius Capital Management

PREVIOUS MARKET COMMENTS AND REPORTS

Quarterly Comment - IV 2017

Information Inefficiencies

Quarterly Comment - II 2017

Megatrend Digital Transformation

Quarterly Comment - I 2016

Micro Cap Volatilities

Quarterly Comment - I 2015

Interest Rate Sensitivities

Quarterly Comment - II 2015

Long-term Perspectives

Quarterly Comment - I 2014

Definition of Quality Stocks

Quarterly Comment - II 2014

Fairly Priced Stocks

Quarterly Comment - II 2013

Decomposing Stock Price Drivers

Quarterly Comment - II 2012

Volatility and Uncertainty

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