Focus on what works

MAXVAL Investment Partners

Fund

Focus on what works

Partners Class

LU2421085155 / A3DDRP

€ 129.42

NAV per 05/28/2024

Portrait

MAXVAL Investment Partners is a global equity fund investing primarily in OECD countries according to the principles of value investing.

 

The fund is suitable for experienced, value-oriented investors with a long time horizon who want to benefit from mispricings in the global equity market with a flexible fund structure and a proven investment approach from an experienced fund advisor in order to maximize the opportunities for an above-average fund return over the long term.

 

The fund is currently open to private/retail investors as well as semi-professional, professional investors and eligible counterparties domiciled in Germany and Luxembourg.

Fund profile

In the fund profile you will find the fund data as well as information on the investment approach, opportunities and risks, the fund advisor and its business and investment principles.

Fund profile

Investment approach

MAXVAL invests according to the basic principles of value investing. The discrepancy between the intrinsic business value and the current price alone determines the attractiveness of an investment in a company, whereby growth is a core element of the value equation.

 

The value-price discrepancy not only minimizes the risk of a permanent loss of capital (margin of safety), but is also a driver for targeted excess returns.

 

MAXVAL analyzes companies as a whole and does not view shares as a piece of paper whose price fluctuates back and forth on a daily basis, but rather as a vested right of the owners to participate in the long-term success of the company.

MAXVAL invests according to two proven value investing strategies that the fund advisor has successfully applied in a disciplined manner for 20 years to detect and profitably exploit mispricings. MAXVAL calls these Value Compounders and Value Classics.

 

VALUE COMPOUNDERS - primary strategy - are undervalued, great companies with sustainable competitive advantages (economic moat) and prosperous, long-term business prospects (10 years plus), led by talented management with integrity and owner qualities (owner managers). These companies usually grow faster than the overall economy and generate a stable, steadily growing free cash flow over many years and better decades.

 

VALUE CLASSICS - secondary strategy - are undervalued good companies that do not have all the quality characteristics of Value Compounders and often grow slower than the overall economy, but are still of above-average quality.

 

Truly attractive investment ideas are rare. Therefore, these are weighted highly in the fund. The position sizing follows the concept of opportunity costs.

The two investment strategies aim to acquire stakes in public listed companies for MAXVAL Investment Partners that have an aggregate intrinsic business value per fund share that is not only significantly higher than the current NAV per fund share, but that also grows at stable and as high a rate as possible over a long period of time.

 

The development of the NAV per fund share over time is significantly linked to the development of the aggregate intrinsic business value per fund share. By way of illustration, if the fund price is to increase by an average of 10% p.a. over 7 years, the intrinsic business value of the investments per fund share must at least double over the same period.

Avoiding a permanent loss of capital is the top priority. The greater the value-price difference, the greater the margin of safety, the greater the risk buffer and the lower the investment risk.

 

MAXVAL does not see volatility as a measure of short-term price fluctuations as a risk, but rather as a source to generate attractive investment opportunities.

 

MAXVAL weights the degree of certainty in the determination and realizability of the intrinsic business value higher than the absolute value-price difference.

 

MAXVAL's selection logic is based on in-house primary research and proprietary analytical methods and starts with a risk assessment whose strict criteria satisfy less than 10% of the available investment universe.

 

The risk profile of MAXVAL Investment Partners benefits from the combination of two investment strategies (Value Compounders and Value Classics), whose preference in the equity market can have an opposite and thus correlation-reducing effect.

Fund data

Fund name

MAXVAL Investment Partners

Name share class

1

ISIN

LU2421085155

WKN

A3DDRP

Legal form / fund domicile

FCP Part II / Luxembourg

Fund type

AIF / OGA

Fund category

Equity fund

Investment universe

Global / OECD

Distribution policy

Accumulating

Fund and share class currency  

Euro

Valuation date / NAV calculation

Per bank working day

Share redemption

Per bank working day

Subscription and redemption cut-off     

12:00 Uhr / Forward Pricing

Value date share certificate

Within three bank working days

Fiscal year end 

End of December

Date of first issue

12/21/2022

Initial issue price

€ 100.00

Issue surcharge

Up to 1.00 %

Redemption discount

None

Management fee

Up to 1.30 % p.a. (plus VAT, if applicable)

Depositary fee  

Up to 0.10 % p.a. (plus VAT, if applicable)

Performance fee

15 % p.a. (above hurdle rate and HWM)

Hurdle Rate

5 % p.a.

High Water Mark   

Perpetual

Target market Germany

Professional and private/retail investors

Minimum investment

None

Countries of distribution

Germany, Luxembourg

SFDR classification

Article 6

Management company (KVG

Hauck & Aufhäuser Fund Services S.A.

Investment advisor / liability umbrella

BN & Partners Capital AG

Fund advisor / sub advisor

MAXVAL Capital Management GmbH

Depositary bank

Hauck Aufhäuser Lampe Privatbank AG

Auditor

BDO Audit S.A.

Ultimo fund prices

April 2024

04/30/2024

€ 125.10

March 2024

03/28/2024

€ 125.92

February 2024

02/29/2024

€ 120.20

January 2024

01/31/2024

€ 117.27

December 2023

12/29/2023

€ 115.98

November 2023

11/30/2023

€ 113.54

October 2023

10/31/2023

€ 106.12

September 2023

09/29/2023

€ 110.90

August 2023

08/31/2023

€ 114.88

July 2023

07/31/2023

€ 113.45

June 2023

06/30/2023

€ 111.23

May 2023

05/31/2023

€ 111.33

April 2023

04/28/2023

€ 111.50

March 2023

03/31/2023

€ 108.58

February 2023

02/28/2023

€ 107.89

January 2023

01/31/2023

€ 106.21 

December 2022

12/30/2022

€ 99.58

Letters to Partners

Spring 2024

Autumn 2023

Spring 2023

SIGN IN - Letters to Partners

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Basic documents

Basic information sheet / PRIIP-KID (German)  

Prospectus (German)