Giulio Battisti

Horatius is an active manager which follows a bottom-up value approach to construct concentrated portfolios of 15 to 25 securities for which there appears to be a significant gap between market price and fundamental value. The firm selects stocks which tend to exhibit low current valuations and solid long-term profitability. There are no geographical or sectoral constraints, but sufficient diversification is assured, as well as adequate liquidity. Equity portfolios are normally fully invested, but can hold cash and fixed-income securities.