Theron de Ris, CFA, CAIA is the Managing Partner of Eschler Asset Management, a concentrated value-oriented manager with a focus on North-American small and mid cap equities.
Since launch in October 2012, Eschler has outperformed the peer group with an uncorrelated strategy versus peers (monthly net return correlation 22% vs Credit Suisse Long/Short Equity TR (USD)) and the broader stock market (correlation of 23% vs S&P 500), offering both strong performance and diversification as a portfolio addition or replacement.
Eschler seeks to invest in well-financed, owner/operator-run businesses in cyclical industries demonstrating attractive normalized earnings power and risk-reward which could be out-of-favor but with a strong recovery potential. Eschler's research process combines a top-down skillset in identifying attractive industries with common sense bottom-up business analysis, as well as particular expertise in resources, financials and energy.
In this Opalesque.TV BACKSTAGE video, Theron also speaks about:
- Stock Selection Process & Criteria
- Concentrated, long-biased but also adds value on the short side
- The attraction of owner-operators and significant insider ownership
- “If you have an algorithm, use it!” The need for a hard-coded risk framework
- What are better ratios to focus on than Return on Equity and Return on Assets?
- How to use macro and industry insights to better position the portfolio
- Why Eschler's aligned fee structure should matter to end investors
Theron de Ris is the founder of Eschler Asset Management LLP, a regulated (AFIM) alternative investment fund manager providing fund management services to professional investors and regulatory services to emerging fund managers.
Theron was formerly a senior research analyst at Indus Capital Partners where he also held consultant and client service roles. From 2000 – 2008 he was an executive director at Morgan Stanley in Milan and London where he ran the global equity institutional desk. Theron began his career at Goldman Sachs in Frankfurt in 1995, later moving to London. A Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA), he graduated magna cum laude from Middlebury College in 1995 with a degree in International Politics & Economics, and German.
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Theron de Ris, CFA, CAIA is the Managing Partner of Eschler Asset Management, a concentrated value-oriented manager with a focus on North-American small and mid cap equities.
Since launch in October 2012, Eschler has outperformed the peer group with an uncorrelated strategy versus peers (monthly net return correlation 22% vs Credit Suisse Long/Short Equity TR (USD)) and the broader stock market (correlation of 23% vs S&P 500), offering both strong performance and diversification as a portfolio addition or replacement.
Eschler seeks to ...more