LU2421085155 / A3DDRP
NAV per 10/01/2024
MAXVAL Investment Partners is a global equity fund investing primarily in OECD countries according to the principles of value investing.
The fund is suitable for experienced, value-oriented investors with a long time horizon who want to benefit from mispricings in the global equity market with a flexible fund structure and a proven investment approach from an experienced fund advisor in order to maximize the opportunities for an above-average fund return over the long term.
The fund is currently open to private/retail investors as well as semi-professional, professional investors and eligible counterparties domiciled in Germany and Luxembourg.
In the fund profile you will find the fund data as well as information on the investment approach, opportunities and risks, the fund advisor and its business and investment principles.
Fund profile
MAXVAL invests according to the basic principles of value investing. The discrepancy between the intrinsic business value and the current price alone determines the attractiveness of an investment in a company, whereby growth is a core element of the value equation.
The value-price discrepancy not only minimizes the risk of a permanent loss of capital (margin of safety), but is also a driver for targeted excess returns.
MAXVAL analyzes companies as a whole and does not view shares as a piece of paper whose price fluctuates back and forth on a daily basis, but rather as a vested right of the owners to participate in the long-term success of the company.
MAXVAL invests according to two proven value investing strategies that the fund advisor has successfully applied in a disciplined manner for 20 years to detect and profitably exploit mispricings. MAXVAL calls these Value Compounders and Value Classics.
VALUE COMPOUNDERS - primary strategy - are undervalued, great companies with sustainable competitive advantages (economic moat) and prosperous, long-term business prospects (10 years plus), led by talented management with integrity and owner qualities (owner managers). These companies usually grow faster than the overall economy and generate a stable, steadily growing free cash flow over many years and better decades.
VALUE CLASSICS - secondary strategy - are undervalued good companies that do not have all the quality characteristics of Value Compounders and often grow slower than the overall economy, but are still of above-average quality.
Truly attractive investment ideas are rare. Therefore, these are weighted highly in the fund. The position sizing follows the concept of opportunity costs.
The two investment strategies aim to acquire stakes in public listed companies for MAXVAL Investment Partners that have an aggregate intrinsic business value per fund share that is not only significantly higher than the current NAV per fund share, but that also grows at stable and as high a rate as possible over a long period of time.
The development of the NAV per fund share over time is significantly linked to the development of the aggregate intrinsic business value per fund share. By way of illustration, if the fund price is to increase by an average of 10% p.a. over 7 years, the intrinsic business value of the investments per fund share must at least double over the same period.
Avoiding a permanent loss of capital is the top priority. The greater the value-price difference, the greater the margin of safety, the greater the risk buffer and the lower the investment risk.
MAXVAL does not see volatility as a measure of short-term price fluctuations as a risk, but rather as a source to generate attractive investment opportunities.
MAXVAL weights the degree of certainty in the determination and realizability of the intrinsic business value higher than the absolute value-price difference.
MAXVAL's selection logic is based on in-house primary research and proprietary analytical methods and starts with a risk assessment whose strict criteria satisfy less than 10% of the available investment universe.
The risk profile of MAXVAL Investment Partners benefits from the combination of two investment strategies (Value Compounders and Value Classics), whose preference in the equity market can have an opposite and thus correlation-reducing effect.
Fund name
MAXVAL Investment Partners
Name share class
1
ISIN
LU2421085155
WKN
A3DDRP
Legal form / fund domicile
FCP Part II / Luxembourg
Fund type
AIF / OGA
Fund category
Equity fund
Investment universe
Global / OECD
Distribution policy
Accumulating
Fund and share class currency
Euro
Valuation date / NAV calculation
Per bank working day
Share redemption
Per bank working day
Subscription and redemption cut-off
12:00 Uhr / Forward Pricing
Value date share certificate
Within three bank working days
Fiscal year end
End of December
Date of first issue
12/21/2022
Initial issue price
€ 100.00
Issue surcharge
Up to 1.00 %
Redemption discount
None
Management fee
Up to 1.30 % p.a. (plus VAT, if applicable)
Depositary fee
Up to 0.10 % p.a. (plus VAT, if applicable)
Performance fee
15 % p.a. (above hurdle rate and HWM)
Hurdle Rate
5 % p.a.
High Water Mark
Perpetual
Target market Germany
Professional and private/retail investors
Minimum investment
None
Countries of distribution
Germany, Luxembourg
SFDR classification
Article 6
Management company (KVG
Hauck & Aufhäuser Fund Services S.A.
Investment advisor / liability umbrella
BN & Partners Capital AG
Fund advisor / sub advisor
MAXVAL Capital Management GmbH
Depositary bank
Hauck Aufhäuser Lampe Privatbank AG
Auditor
BDO Audit S.A.
September 2024
09/30/2024
€ 126.92
August 2024
08/30/2024
€ 126.73
July 2024
07/31/2024
€ 131.36
June 2024
06/28/2024
€ 129.01
May 2024
05/31/2024
€ 129.64
April 2024
04/30/2024
€ 125.10
March 2024
03/28/2024
€ 125.92
February 2024
02/29/2024
€ 120.20
January 2024
01/31/2024
€ 117.27
December 2023
12/29/2023
€ 115.98
November 2023
11/30/2023
€ 113.54
October 2023
10/31/2023
€ 106.12
September 2023
09/29/2023
€ 110.90
August 2023
08/31/2023
€ 114.88
July 2023
07/31/2023
€ 113.45
June 2023
06/30/2023
€ 111.23
May 2023
05/31/2023
€ 111.33
April 2023
04/28/2023
€ 111.50
March 2023
03/31/2023
€ 108.58
February 2023
02/28/2023
€ 107.89
January 2023
01/31/2023
€ 106.21
December 2022
12/30/2022
€ 99.58
Spring 2024
Autumn 2023
Spring 2023
Basic information sheet / PRIIP-KID (German)
Prospectus (German)