Birgitte Olsen invests in listed owner-managed companies inSwitzerland which are controlled and significantly influenced by an entrepreneur or entrepreneurial family with at least 20% of the voting rights.Using a fundamental bottom-up approach she identifies the most attractive owner-managed companies.
She expects higher returns from family-run companies than in the broad market.These companies have extremely solid balance sheets and do not find leverage attractive. They don't like to be dependent on banks and the credit cycle, their equity ratios are over 60% on average. One could now argue that these companies are over- capitalized and have balance sheets that are not efficient.But their return on equity (RoE) is ultimately higher than the average. This is mainly based on her long term horizon and responsibility to employees and clients.
We like her focus and long expertise in managing owner-managed strategies in Switzerland and Europe. The long term track record is very promising.