Architectural passage representing long-term investment discipline

Value Investment Managers

I work with exceptional value investment managers whose quality of thinking and discipline have earned my confidence over many years.

My aim is to remain invested for the long term and to be a reliable capital partner.

What matters is not size or prominence, but quality of thought, process discipline and integrity.

Architectural columns suggesting structure and discipline

Many of the selected managers operate independently and outside common distribution structures. Access to their expertise is often limited and develops over time, through trusted relationships.

Unconventionality is not a disadvantage, but rather is often a positive sign of independent thinking. A short track record is not a reason for exclusion, provided that the quality of process and value research is convincing. A long track record must demonstrate substance.

Managers who never underperform will rarely outperform over the long term.

Anyone who is not prepared to act against the consensus will rarely achieve more than the average. It is precisely such independent, high-conviction managers that I look for.

Who this fund is for

The Wilhelminen Value Fonds is an open-ended retail alternative investment fund (retail AIF) and is open to private and professional investors alike. It is intended for investors who think in the long term — in years, not months; who understand and share the value approach; who can tolerate fluctuations in value along the way; and who seek absolute performance rather than proximity to a benchmark.

It is not intended for investors who may need to draw on the capital at short notice, who expect quick gains, who orient themselves towards quarters and benchmarks, or who are looking for a guaranteed product. Anyone unable to bear fluctuations is deliberately not the right fit here. And I say so up front.

The value of an investment can rise as well as fall. A loss of the capital invested, up to and including total loss, is possible.

This description is intended as orientation, not as investment advice. Only the prospectus, the fund rules and the key information document are authoritative. For further depth: the Investor Handbook for the Wilhelminen Value Fonds, available on request.

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Four Decades in the Capital Markets. One Fund.

The Wilhelminen Value Fonds is the product of four decades spent at international banks — across research and sales, corporate finance and private wealth — with postings in Frankfurt, London, Zurich and Munich. Standing on both sides of the market for that long teaches you one thing above all: how to tell apart those who deliver over decades and those who simply tell a good story.

Value as the Foundation

I was shaped as a value investor during my time at BayernLB. Together with Stefan Rehder, who later founded Value Intelligence Advisors GmbH (VIA Fonds), I had the opportunity there to establish value investing within the institutional equity business and, over several years, to host high-calibre value conferences for institutional investors. A formative influence was the support of Professor Bruce Greenwald of Columbia University, to whom I owe a considerably deeper understanding of value investing.

Independent Since 2020

Since 2020 I have worked on my own account and independently, free of product- or commission-driven incentives. My focus was on private equity — on holdings kept for years, whose worth is measured by the business itself rather than by the daily price. It is precisely this entrepreneurial perspective that shapes the Wilhelminen Value Fonds today.

My role today

Four decades have taught me what endures in the capital markets and what does not. Today I search worldwide for the value managers who apply these principles most rigorously, and build from them a portfolio for the long horizon, not for the single year. I invest in the same fund as my investors do — with my own capital and that of my family.

I invest in the same fund as my investors, with my own assets and those of my family.