Participations

Our investment proposition is based on holding 15-20 positions in listed European companies, built around the uniquely Dutch “Deelnemingsvrijstelling” that makes capital gains and dividends tax exempt for Dutch investors in case they own more than 5% of a company’s outstanding share capital. 
 
In our universe of smaller European companies we look for leaders in international niche markets with strong balance sheets and valuations that support the Fund’s total return target of 10% per annum over the long term.  Being a co-owner of these companies requires us to actively engage with management on issues like strategy, financial performance, capital allocation and ESG in order to secure the long-term creation of shareholder value. 
 
Our long term focus is embedded in the Fund’s quarterly liquidity for investors and aims to pay a stable or increasing dividend every year.

Other small-cap strategies:

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Joop Witteveen
Michiel van Dijk
Erwin Dut