Bernhard Signorell

3VAM is an active, research-oriented investment manager with a medium-term outlook and a tendency for contrarian investment decisions. The firm invests primarily in small- to mid-cap Swiss equity as well as in related option and convertible bonds, following a value-oriented investment approach. Their portfolio is weighted in technology, industry, pharmaceutical, biotechnology and financial stocks. 3VAM's investment process is primarily bottom-up and does not aim at reproducing any particular index. Their investment universe consists of companies included in the Swiss Performance Index (SPI) Small and Middle Companies, complemented with Swiss large-cap companies for a minor proportion of the firm's portfolio. The firm's universe of companies is first quantitatively screened to identify undervalued companies, focusing on earnings and book value of the assets. Qualitative evaluation follows, emphasizing management quality, market position, technology and financial analysis. The firm conducts an extensive program of company visits. 3VAM uses a core-satellite investment strategy, with the bulk of their assets invested in undervalued stocks. They seek to invest the balance of their portfolio in turnaround situations, large-cap companies prone to volatility, companies with high growth potential and other special situations. The firm emphasizes the importance of selling decisions. Investments are divested when their target market price has been reached, and 3VAM may hold a sizeable portion of their assets in cash.