2017 was another good year at AMIRAL Gestion, where assets are nearing EUR4bn. In an interview with NewsManagers, Nicolar Komilikis, CEO of the independent firm, explains that performance and human capital are its keys to success. In an environment of industry concentration, the director says that he plans to keep the company independent.
NewsManagers: You have doubled your assets in the past 12 months. What is the reason for this impressive growth?
As of 31 October, our assets totalled EUR3.7bn, compared with EUR2.1bn one year previously. We had EUR1bn in inflows in the first 10 months of 2017, after slightly under EUR 1bn in 2016.
Inflows were concentrated primarily on our Sextant Grand Large fund, which attracted EUR 800m in 2017, as in 2016. We also posted subscriptions to Sextant PEA. The Sextant PME fund has also ssen good inflows. This fund has in fact been closed to new investors.
NewsManagers: How do you explain the success of your Sextant Grand Large fund?
Our Sextant Grand Large fund is a flexible fund, which since 2010 has applied a highly rigorous asset allocation process based on PER from Shiller, a long-term indicator of market valuation. This process is original, simple, transparent, and legible to investors. It values allocations according to the valuation of the markets, and not on the basis of macroeconomic projections. And it delivers performance. Over the past five years, Sextant Grand Large has earned a net 12.5% per year. In this context, the fund is recommended by independent financial advisors and private banks: distribution clients represent nearly 70% of assets in the fund.
NewsManagers: Does the growth of the fund worry you?
Sextant Grand Large now has assets of EUR2bn. It has significant capacity, since in the equity part, it is multi-cap and international. It is also partly invested in bonds and money markets.
Exposure to equities is currently only 27%. It has dropped steadily in the past few years, in the face of rising market valuations… Basically, we have no concerns about the growth of assets.
Read on in the French version of NewsManagers.