Finanza.com

BANOR SIM: Meet-ups with private and institutional clients in the first roadshow, which starts from Rome.

Banor SIM is Italy’s biggest independent financial “boutique” firm, with 4 billion euro in assets under management and administration. The firm, which specialises in capital management and advisory for high-worth clients, is marking its management team’s 10th anniversary with a tour of Italy to meet its institutional and retail clients.

BANOR SIM

“We felt the need to thank our clients for staying with us in these years of two-digit performance. The results obtained are tangible proof of their confidence in us”, declared Massimiliano Cagliero, Chief Executive Officer and principal shareholder of Banor SIM.

“Over the last 10 years, the firm’s assets under management have increased more than threefold, by 340%. We have over 1000 customers and are continuing to grow. Today we have offices not just in Milan and Turin, but also in London, Luxembourg and Lugano (thanks to our holding in Banor Capital Ltd). In Italy, we’re also present in Verona and Brescia”, continued Cagliero who, with Chief Investment Officer Luca Riboldi, leads the management team. The team consists of: Angelo Meda, Head of Equities; Tommaso Mariotti, Head of Fixed Income; and Roberto Bianchi, asset manager in charge of fund selection and international. They are backed by a team of 10 analysts and portfolio managers.

Banor SIM’s first roadshow starts today from Rome and will end on 4 February 2016 in Verona, after visiting Milan, Turin and Brescia. The meet-ups will examine emerging themes and the outlook for the markets in 2016 to create value over time.

“We’re long-term investors. We analyse companies in depth and then, keeping true to value investing principles, select undervalued stocks of companies with good prospects”, explained Luca Riboldi, as he illustrated the asset allocation for 2016.

“In a global context where the developed countries’ stock markets are fairly expensive, we’re increasingly finding value in those of emerging countries and in more cyclical sectors in developed countries, while many securities in the ‘defensive’ and/or growth sectors are definitely highly priced. We could start by focusing on commodities, especially from a medium-term perspective, and especially if global growth picks up in 2016. In the bonds markets we’re taking a positive, but selective, view on certain European high-yield products with a maximum duration of 5 years”, added Riboldi.

Banor SIM is one of the very few operators in Italy that can boast certified results and performance: its investment process is, in fact, constantly monitored. In 2013, Banor SIM obtained Global International Performance Standards (GIPS) certification, issued by PricewaterhouseCoopers, for its investment process and performance.

At 30 September 2015, Banor had over 3 billion euro in assets under administration, of which 1.4 billion euro in direct management and around 2 billion in advisory for about 1000 clients. Half of its customers are Italian business families who for years have placed their trust in Banor SIM’s team of professionals.

To this should be added 1.7 billion euro in assets, managed in part directly and in part indirectly. The directly managed assets are handled by Banor Capital, a UK-based company (Financial Conduct Authority (FCA) authorised) in which Banor SIM holds a stake and which in turn manages Banor SICAV, a multi-segment Luxembourg-based SICAV with its own range of high-value-added niche products for institutional investors. The remainder are managed through Casa4Funds, a Luxembourg management company controlled by Banor Capital after its acquisition in 2014.

Banor Sim has 7 lines of asset management products. Each has its own clearly defined investment universe and management style and variable risk profiles, with global and regional equity investment, bonds and currency and flexible investments. Banor SIM’s two most representative lines are Value and High Focus.

VALUE is the management line that best embodies the Value Investing philosophy as theorised by Americans Graham and Dodd of the Columbia Business School in New York.

Value 30, with an average 25% invested in shares, obtained a cumulative return of 75.2% from January 2004 to September 2015, against a benchmark which in the same period produced 36.3%. The Value 100 line, with an average stock market investment of around 75%, produced a return of 107.5% over the same period, against 34.5% for its benchmark.

HIGH FOCUS combines opportunistic selection with a bottom-up approach entailing a fundamental analysis of the stock, and follows a dynamic and flexible approach to asset allocation. The High Focus 30 line, with an average investment of 30% in shares, generated a 76.3% return from January 2004 to 30 September 2015, compared with 47.8% over the same period for its benchmark.

Original article in Italian language, available here: Finanza.com, November 6, 2015.

 


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