About WAC

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.

In order to minimize the risk of a permanent loss of invested capital, our investment process focuses on the elimination of two types of potential investments:

1. High-quality companies with good prospects, but overstated expectations of market participants leading to momentary overvaluation. A proper example is the price history of Microsoft after the spring of 2000. It took the stock price 16 years to regain the year 2000 level.

2. Value traps: Companies whose valuations appear favorable, but whose business is in permanent decline. A good example is Sears Holdings. The company appeared to be attractively valued for years due to its freehold real estate portfolio. However, the actual retail business was in permanent decline. The company had to file for chapter 11 in late 2018.

Such investments can not always be avoided as investing by definition is associated with uncertainty. The decisive factor is therefore to be right in the majority of investment decision making.


Benedikt Olesch is Managing Partner of WA Capital GmbH


"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. Also in 2013, I made the decision to devote myself fully to the analysis of listed companies again. Since I did not see any way to manage external capital at the time, I focused on writing investment analysis and managing my personal funds. Between 2013 and 2018, I published more than 50 analyzes. Looking back, I was able to continuously develop 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."