However this risk is more marked on Schneider

Real-estate asset management, there is only one step. At least for Acofi management, a "boutique" based in Aix-en-Provence. Created in 1990, the company originally proposed services in "stone", from the acquisitions up to the management of mutual funds on the land Board. In 2003, in full gloomy markets of shares, Daniel Tondu, Managing Director, decided however to broaden the scope of investment through the investment fund of analysts.

"Front side real estate success, the stock of our funds had increased considerably, traces Daniel Tondu. Before the narrowness of the sector, which represents barely 2 of the market capitalization on the whole of the European places, the Fund had closed to subscriptions (that we have since reopened). At the same time, we decided to diversify our assets as valuations appeared us attractive after three years of correction.

On this broader spectrum, the investment of the Acofi management team philosophy is in remains not less strongly inspired property management principles. Daniel Tondu in particular focuses on the concept of rent, which it defines as an income indexed with high visibility. Among its selection criteria, he is therefore interested in the risk-taking generated by companies. "We take the opposite of the market that focuses primarily on growth prospects." It is, in our view, from a small contributor to the performance. Cash released immediately by the company is a variable that we find most relevant. "It affects both investment capacity, refund of the commitments, potential competitors redemptions to return to the shareholder in the hypothesis where companies cannot find opportunities in the short term", says the Manager.

Daniel Tondu also axis selection on upgrading, claiming the label value "cash flow" management and financial analysis: "the profession certainly had significant excesses during the Internet bubble: financial analysts were not quite independent of the brokerage, lacking experience and their recommendations were tainted by their average behaviours." But, in 2003, market called in question the very basis of financial analysis, while it remains an essential dimension of the management.

Always critical to the profession, Daniel Tondu has therefore established a panel of analysts experienced among large offices, then using their opinions according to its own prism of investment. "We spend so much time to study their recommendations and our own analyses on the sectors that we accept as those that we exclude", he said.

Currently, his choices moving it towards four sectors, starting with raw materials. It is selects between other geophysical, GDF, Arcelor-Mittal and the necessary Total. "The title change as expectations on its future results based on the price of a barrel." But the market has a tendency to forget that the company produces regular income that it will also power increase with the commissioning of new deposits. And even if the action mode, it remains in my view a good investment, insofar as its cash reserves allow it to continue to invest all in returning the cash to the shareholders through dividends and share repurchases.

The Manager then promotes the financial, including through AXA, selected for the constant improvement of its risk-taking with strict cost management.

He also favours the computer services, although the SSII does not have the favour of the market this year. He argues that valuations are excessively low, since their average PER is close to the market when it is historically deals with a premium of at least 20. In this sector, it retains Steria and Atos, stand by the regularity and visibility on their risk-taking through their outsourcing contracts. "As Publicis, one of the main lines of the portfolio, Atos has reached a critical size which allows now to lay claim to large contracts that the group can assist its customers in the international", he commented.

Finally Daniel Tondu positions on capital equipment through Saint-Gobain and Schneider. "Today, this sector is cheap because of fears about the American housing market, he said. But this risk is, in our eyes, overstated on Saint-Gobain, which keep beautiful prospects for development in Asia. However, this risk is more marked on Schneider. But this group is based on a strong cash reserve, which allowed him to engage in a dynamic acquisitions. Today, it has a beautiful portfolio of activities that it will enhance emerging markets.