Learning from mistakes in European small caps

Standing out from the crowd as a small cap manager investing in Europe isn’t easy, says Damien Kohler. He adds that it’s of course more a question for potential investors to answer if they succeed or not.

“What might be a bit different from others is the fact that I’ve managed the fund since 2008 and that I’m still here. That’s important, because you have a lot of managers that are successful for one cycle and then they disappear,” he says. Diving into the investment process, Damien Kohler explains that at its core it’s a combination of momentum and value. “We focus a lot on earnings growth, and we don’t like profit warnings, so we tend to be long earnings momentum. Then we need to find a compelling valuation. The research process is very much a team