Introduction
Welcome to French Hidden Champions.
We are two French private investors running concentrated portfolios. We both have been investing our family money for several years in select publicly-listed French micro, small and mid caps for a sizable portion of our respective liquid net worths.
These companies are mostly family-owned and/or owner-operated and active in (sometimes obscure or unglamorous) niches they tend to dominate nationally or internationally. This universe is still overall undiscovered, under-followed and under-researched in the English-speaking world. That said, we believe this (small) space also offers a unique opportunity and edge for the independent-minded small investor/fund eager to outperform.
The purpose of this newsletter is to share our investment journey, insights and lessons learned through company deep-dives and updates about these French hidden gems and champions. Our stock write-ups will only cover publicly listed companies we are currently shareholders in or have on our watchlist.
We like to invest in well-run companies when their share price looks cheap or very reasonable and hold for the long-run. Alignment with management/ownership and a demonstrated (long, if possible) track record of profitability, robustness and resilience are also key ingredients in our « skin-in-the-game » approach.
We do not plan to provide too many ideas every month or year (we don’t have that many anyway...). We will focus instead on a few we consider interesting and that we will try to delve into and follow up on regularly and diligently.
We hope you will enjoy reading this and also look forward to keeping the dialogue going online and offline.
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