They are certainly comparable to those of Allianz

Alexandre Hezez, who joined the rock Brown company as Managing Director and partner of Bruno Fine last January, its founder, is part of the unconditional annual reports that he sent the companies. Figures, this training actuary amateur examines the accounts under the seams. It is therefore almost naturally turned to managing quantitative, awarding a place in its investment process.

It decomposes into two. First of all, Alexandre Hezez observed magnifying glass the profitability of companies using the methodology developed by the House, known as "Measurement Under Standardized Tools" (MUST). It implements a dynamic scoring to assess the attractiveness of the company on the basis of its financial health, the growth of its results and the return on capital employed. It thus distinguished the most profitable companies with their sector and the overall market but also in improving from their own historical ratios. It then applies the ratio of valuation developed by rock Brown, the "Return on Market Value" (SMR), which is based on the operational profitability expected by the shareholder.

"Our selection process however involves a fundamental analysis, an assessment"intuitu personae".". "Secondly, we seek to meet with leaders and to visit industrial sites to improve our selection", he insists. On this basis, Alexandre Hezez composed of the diversified portfolios, not in terms of sectors, but styles of management. In FCP RB Eurostyles, he strives to find a balance between the values of growth, performance values and values discounted as well as between large and small caps. This choice seems more appropriate than ever now that the sector rotation is more pronounced.

From theory to practice, Alexandre Hezez declined several profiles among the large cap, juxtaposing values as Publicis, ENI, AXA or Adidas Salomon. ENI has thus made a beautiful route on the stock market but remains relatively attractive depending on its rating criteria so it offers a comfortable performance via buybacks of shares and increase in the coupon program. Publicis is more within a logic of growth through its development in emerging countries, where it table on double-digit revenue growth. Adidas appears on the other hand relatively décoté in this phase of consolidation of Reebok, which financial analysts issued many reservations. "These companies have in common to identify the return on capital employed substantially higher than their peers, including in areas traditionally lower profitability such as insurance, is the Manager. Thanks to a good diversification between life, damage and asset management, AXA displays better ratios than its competitors. They are certainly comparable to those of Allianz. However the valorisation of AXA is more attractive to me.

On the small and medium capitalization, Alexandre Hezez was also combined profiles, including growth sectors, via the SSII Steria than areas incorporated in the "value", as the chemistry indexes, represented by Fuchs Evonik, the manufacturer of K S, the producer of potasses or engine oils. Steria appears relatively sous-valorisée, although it provides a lever important via the consolidation of its sector. K S is experiencing a phase of growth related to the strong demand for agrochemical products.

"The fact that our investment process emphasizes the return on capital employed does not prevent us to invest in capital-intensive businesses, he said." What is important is that these companies provide better than their comparable growth with a return on capital employed. This is the case, for example, Rodriguez, the manufacturer of yachts which appealed to foreign shipyards, thus easing its balance sheet. It is also the case of Andritz, an Austrian engineering group, experiencing strong growth in China with products with high value added, or Brembo, which manufactures brake pads used by Porsche. These highly technical products, this provides Automotive OEM of bargaining power of its prices to maintain, even improve its margins.