Investment Themes
This is the QARP investment style for Quality at a reasonable price. Companies of sufficient size and liquidity that meet qualitative criteria relating to their financial health, business model stability and return on capital are selected. Then, a valuation filter is applied in order to retain only those companies that are valued at a reasonable price.
Qualitative" companies have controlled debt, a high return on capital employed, relatively high net and operating profitability, and stable results over time. The valuation filter then ranks the companies according to their cost by comparing their capitalization and/or enterprise value to their revenues (EV/Sales), net income (P/E) and free cash flow (P/FCF) to retain only the least expensive.
Several geographical areas are proposed. The global list includes companies listed in the world's major financial centers. The other lists are regional: North America (United States, Canada), Europe, Asia (Japan, Australia, Singapore, Hong Kong), Emerging Markets, United Kingdom, France, Germany, Switzerland, Netherlands and Italy.
Our selection
| Basic Materials | Gold Mining | 2.71B | +12.33% | ||
| Basic Materials | Other Gold | 1.26B | -10.46% | ||
| Consumer Cyclical | Other Advertising & Marketing | 21.31B | -5.88% | ||
| Consumer Cyclical | Other Apparel & Accessories | 1.51B | +12.71% | ||
| Consumer Non-Cyclical | Other Personal Services | 3.98B | +0.61% | ||
| Industrials | Integrated Logistics Operators | 5.17B | +9.36% | ||
| Consumer Cyclical | Other Footwear | 15.31B | +4.31% | ||
| Technology | Other IT Services & Consulting | 2.32B | -14.52% | ||
| Consumer Cyclical | Other Home Improvement Products & Services Retailers | 2.8B | +32.96% | ||
| Consumer Cyclical | Used Merchandise Stores | 1.31B | +45.36% | ||
| Financials | Brokerage Services | 10.34B | +24.43% | ||
| Basic Materials | Gold Mining | 1.74B | +32.71% | ||
| Financials | Investment Management | 3.75B | +11.19% | ||
| Industrials | Other Business Support Services | 5.8B | -24.03% | ||
| Technology | Application Software | 1.04B | -27.98% | ||
| Healthcare | Other Managed Healthcare | 1.28B | -33.88% | ||
| Energy | Other Oil & Gas Transportation Services | 1.77B | -6.86% | ||
| Industrials | Other Construction & Engineering | 1.99B | +14.76% | ||
| Healthcare | Other Pharmaceuticals | 1.64B | -0.80% | ||
| Consumer Cyclical | Other Apparel & Accessories Retailers | 3.05B | -31.44% | ||
| Energy | Other Oil Related Services and Equipment | 2.32B | +48.21% | ||
| Technology | Other Semiconductors | 1.92B | +32.57% | ||
| Real Estate | Residential Real Estate Services | 2.2B | -1.88% | ||
| Consumer Cyclical | Other Apparel & Accessories Retailers | 5.87B | -10.42% | ||
| Technology | Enterprise Software | 1.63B | -9.47% | ||
| Basic Materials | Other Precious Metals & Minerals | 1.08B | +105.12% | ||
| Financials | Other Consumer Lending | 1.7B | -17.69% | ||
| Consumer Cyclical | Sports & Outdoor Footwear | 1.79B | +13.86% | ||
| Industrials | Other Airlines | 3.79B | -5.48% | ||
| Financials | Other Investment Banking & Brokerage Services | 2.9B | +13.53% | ||
| Technology | Application Software | 1.32B | +7.49% | ||
| Basic Materials | Other Steel | 42.39B | +16.28% | ||
| Industrials | Other Construction & Engineering | 1.05B | +16.40% | ||
| Industrials | Machine Tools | 2.96B | +39.28% | ||
| Industrials | Other Marine Freight & Logistics | 1.97B | +25.82% | ||
| Healthcare | Other Medical Equipment, Supplies & Distribution | 4.06B | -19.93% | ||
| Basic Materials | Gold Mining | 3.99B | -4.50% | ||
| Financials | Other Investment Management & Fund Operators | 2.68B | +0.19% | ||
| Consumer Cyclical | Travel Agents | 27.95B | -15.21% | ||
| Industrials | Other Business Support Services | 4.58B | -29.12% | ||
| Industrials | Financial Information Providers | 6.65B | -18.82% | ||
| Technology | Enterprise Software | 6.66B | -30.38% | ||
| Consumer Cyclical | Beauty Supply Shop | 22.76B | -12.93% | ||
| Industrials | Regional Airlines | 1.32B | -12.20% | ||
| Technology | Enterprise Software | 5.29B | -24.94% | ||
| Consumer Cyclical | Other Appliances, Tools & Housewares | 16.25B | +3.10% | ||
| Technology | Other IT Services & Consulting | 10.4B | +3.58% | ||
| Technology | E-commerce & Auction Services | 5.08B | -22.31% | ||
| Financials | Other Investment Banking & Brokerage Services | 2.64B | -5.18% | ||
| Energy | Other Oil Related Services and Equipment | 2.74B | +49.06% | ||
| Industrials | Electrical Measuring & Testing Instruments | 3.92B | +79.28% | ||
| Technology | Technology Consulting & Outsourcing Services | 3.66B | -26.42% | ||
| Technology | Other IT Services & Consulting | 27.7B | -27.07% | ||
| Consumer Cyclical | Other Apparel & Accessories | 2.36B | -5.67% | ||
| Technology | Other IT Services & Consulting | 4.66B | -35.95% | ||
| Technology | Other Software | 2.12B | -14.92% | ||
| Consumer Cyclical | Other Auto, Truck & Motorcycle Parts | 2.75B | -3.57% | ||
| Technology | Other Software | 1.5B | -11.98% | ||
| Consumer Cyclical | Other Auto, Truck & Motorcycle Parts | 34.65B | +73.37% | ||
| Technology | Other IT Services & Consulting | 32.23B | -26.89% | ||
| Basic Materials | Gold Mining | 15.82B | +27.55% | ||
| Basic Materials | Gold Mining | 40.47B | +19.87% | ||
| Financials | Investment Management | 4.01B | +8.12% | ||
| Technology | Cloud Computing Services | 2.72B | -38.75% | ||
| Technology | Other IT Services & Consulting | 76.02B | -24.04% | ||
| Technology | Enterprise Software | 5.12B | -34.76% | ||
| Industrials | Other Shipbuilding | 12.43B | +13.79% | ||
| Real Estate | Other Real Estate Services | 1.68B | -12.17% | ||
| Healthcare | Generic Pharmaceuticals | 1.83B | +5.50% | ||
| Industrials | Human Resources Consulting Services | 1.39B | -44.45% | ||
| Services académiques et éducatifs | Miscellaneous Educational Service Providers | 4.7B | -0.95% | ||
| Technology | Application Software | 1.19B | -36.53% | ||
| Technology | Electronic Component | 67.43B | +1.00% | ||
| Industrials | Other Airport Services | 4.42B | +3.00% | ||
| Consumer Non-Cyclical | Starch, Vegetable Fat & Oil Manufacturing | 2.63B | +45.19% | ||
| Industrials | Other Construction & Engineering | 3.73B | +1.22% | ||
| Industrials | Other Construction & Engineering | 1.23B | -9.33% | ||
| Industrials | Industrial Machinery | 4.39B | -4.69% | ||
| Basic Materials | Other Steel | 7.3B | -4.29% | ||
| Consumer Cyclical | Other Appliances, Tools & Housewares | 5.96B | -6.08% | ||
| Consumer Non-Cyclical | Other Non-Alcoholic Beverages | 8.96B | -26.41% | ||
| Consumer Non-Cyclical | Other Food Processing | 1.38B | +30.42% | ||
| Healthcare | Veterinary Drugs | 2.35B | +59.48% | ||
| Technology | Wireless Telecom | 3.49B | +0.34% | ||
| Energy | Other Oil Related Services and Equipment | 29.51B | +68.38% | ||
| Consumer Non-Cyclical | Other Non-Alcoholic Beverages | 21.99B | +14.89% | ||
| Services académiques et éducatifs | Miscellaneous Educational Service Providers | 3.79B | +41.51% | ||
| Healthcare | Other Advanced Medical Equipment & Technology | 33.39B | -9.99% | ||
| Consumer Non-Cyclical | Carbonated Soft Drinks | 22B | +10.74% | ||
| Services académiques et éducatifs | Miscellaneous Educational Service Providers | 9.05B | +3.05% | ||
| Financials | Other Property & Casualty Insurance | 11.98B | -9.15% | ||
| Consumer Non-Cyclical | Child Care & Family Services | 4.43B | -18.29% | ||
| Technology | Internet Service Providers | 2.82B | -8.01% | ||
| Healthcare | Other Medical Equipment, Supplies & Distribution | 3.43B | +4.96% | ||
| Consumer Non-Cyclical | Snack Food & Non-Chocolate Confectionary | 1.79B | +10.99% | ||
| Consumer Non-Cyclical | Cigars & Cigarette Manufacturing | 66.64B | +5.55% | ||
| Consumer Non-Cyclical | Other Food Retail & Distribution | 10.46B | +1.49% | ||
| Healthcare | Other Pharmaceuticals | 31.95B | -18.41% | ||
| Healthcare | Medical Diagnostic & Testing Equipment | 1.07B | -2.23% | ||
| Industrials | Commercial Aircraft Manufacturing | 141B | +28.12% | ||
News of the components
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