WertArt Capital pursues a long-term, value-oriented investment approach. Our investments have an average holding period between
three and five years. The goal over this time horizon is capital preservation plus a reasonable return.
The attractiveness of an investment is defined by the ratio between the market price and the intrinsic value (based on our
valuation of the company). The higher the intrinsic value and the lower the market price, the more attractive an investment. The difference between the intrinsic value and the market price
describes the margin of safety.
The most preferable portfolio company has a continuously growing competitive advantage over competitors or potential market entrants and therefore the opportunity to reinvest the generated cash into the company at a relatively high return on investment over a long period of time. In addition, there is a successful management team with aligned interests. The lower the quality of a potential portfolio company, the higher the required margin of safety.
Benedikt Olesch, Managing Partner WA Capital
"My first activity in the stock market dates back to the mid-nineties. Investing has become a passion over the years, enabling continuous learning from many different disciplines.
After studying business administration at the University of Mannheim in 2007 and a brief stop at a family office in London, my professional career started in the portfolio management at PGIM in Munich. In doing so, I was part of the management of a fund that carried out a wide range of real estate transactions in the Asia-Pacific region for institutional investors. During my five-year tenure, I received extensive training in investment management and key insights into the decision-making processes of institutional investors.
In 2013, I completed the CFA Charterholder. In the same year, I started the research project WertArt Capital. In the following years, I fully focused on analyzing listed equities based on a
value oriented investment approach. As a result, I have been able to significantly enhance my investment process.
At the end of 2018, I founded WA Capital GmbH, which as fund initiator since March 2019 advises WertArt Capital AMI funds on its investment decisions."
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