LBV Asset Management LLP

LBV Asset Management LLP is an alternative fund manager. Founded in 2008, the firm is headquartered in London and is authorized and regulated by the UK’s FCA. LBV focuses in niche investment strategies that provide its clients with a superior risk/reward trade-off and are not easily replicable. The majority of its AUM is invested in our flagship long/short pan-european small and midcap equities strategy, which shows a successful track record of alpha generation.

Investment Philosophy

LBV focuses in investing in pan-european small and midcap listed equities, usually under a long/short approach.

We are firm believers in the value of active investment and dedicate most of our time to in-house research, i.e. fundamental analysis of listed equities.
We focus in small and midcaps . Although we do not have a cut-off size, we believe we add most value in the 100mln – 1bln EUR market cap range. In the current market environment, large funds are becoming larger and larger and cannot invest in this segment due to liquidity constraints. Due to that, research providers also invest less and less resources in the field. As such, there is an increasing number of listed companies that are under-covered and under-researched. At this company size, usually company growth opportunities are more evident and unlocking value through M&A transactions is more likely. Ultimately at LBV we believe we are positioned in the most attractive segment of the equity market.
We invest mostly in developed Europe. The region is vast enough to provide us with an ample field of researchable companies in all sectors. Proximity to the companies we invest in is crucial as we seek to keep close contact with their management.
We are style-agnostic. Typically our portfolios will include both top-down and bottom-up generated ideas, as well as value, GARP and growth stocks.
Our team is nimble and can act fast. Our average holding period is c. 2 years, but dispersion is high. We are agile enough not only to capture long-term stories, but also to seize shorter-term opportunities. Additionally we are generalists, which helps us to rotate from sector to sector according to relative attractiveness or triggered by the emergence of new themes.
Risk management is a key part of our operations and we have a full set of routines, procedures and controls to ensure that our internal metrics are actively monitored.
We can tailor the strategy according to our client’s needs. Our flagship fund has had low volatility (historically c. 6%), leading to a very attractive Sharpe ratio in a low interest rate world. We also run managed accounts that usually require the same investment strategy with higher volatility.
Last but not least, we have a culture of strict ethical principles across all steps of our day-to-day activity.

Team

Investment and Operations

Cornelia Meyer

Chairman

Cornelia Meyer joined the team in 2015 and is the Chairman of LBV and Chief Economist. Cornelia Meyer is an independent business consultant, macro-economist and energy expert. She gained her diverse commercial and advisory background over the last thirty years by advising governments and working with some of the most recognised enterprises in the world.

Her work experience stretches over 25 countries on a vast range of assignments and projects as a financier, adviser, regulator, equipment supplier and principal in the energy sector and other industries. Ms Meyer started her career in Japan, where she became the economic policy advisor to the Honourable Yoshiro Mori, Minister of International Trade and Industry. From there she moved on to hold several senior positions in energy, development and investment banking covering Asia, Russia Eastern Europe and the Middle East out of Tokyo, Manila and London for institutions such as UBS, the ADB and Citigroup.

Ms Meyer joined General Electric in 1998. Over the next 11 plus years Ms Meyer developed her skill set by working at various GE businesses, then in BP and at the Kimberly Clark Corporation. She also served as Chairman of Gasol plc. Ms. Meyer has also held various non-executive positions such as, Vice President for the UK and Chairman of the London Chapter of the British Swiss Chamber and Commerce, Trustee of the Royal United Services Institute RUSI (the UK’s preeminent think tank on defence and security), a board member of the KADI AG in Switzerland and several other board memberships. In addition, Ms. Meyer used to chair the business and economic group of a US government funded “Track II” diplomatic mechanism for Middle East Security and was a member of the World Economic Forum’s Global Agenda Council for Energy Security. She currently serves on the Oxford Energy Policy Club and has been selected by CNN as one of twenty global thought leaders. She is also on the Advisory board of the Istanbul Finance Summit. Ms. Meyer was educated at the St.Gallen University, the London School of Economics and Tokyo University. She speaks seven European and Asian languages.

Investment

Emmanuel de Figueiredo

CIO

Emmanuel de Figueiredo is the founder and CIO of LBV Asset Management. Prior to founding LBV in May 2008, Emmanuel was a Portfolio Manager at Société Générale Asset Management Alternative Investment (now Lyxor Asset Management). Emmanuel spent over three years at Société Générale and was the lead Portfolio Manager for the Opportunities long/short fund in his last year. Before joining the buy side Emmanuel held several sell-side research roles within equity research, the longest being at Morgan Stanley where he spent six years, holding the role as Head of Pan European Equity Mid Cap Research before he left to join Société Générale in February 2005. Emmanuel graduated from the University of Toronto, with a Masters in Economics, after which he started his career as an economist for Carnegie International.

Alvier Almeida

Analyst

Prior to joining LBV Alvier was Vice President and member of the investment committee at Petrus Advisers, a London based investment manager, where in addition to fundamental investing he took part in several activist campaigns.

From 2006 to 2010 Alvier worked as an M&A analyst for the Portuguese investment bank CaixaBI, and for Banco BPI's Structured Products Division.

Alvier holds an MBA from London Business School and is a graduate from Católica Lisbon School of Business & Economics.

Ricardo Teixeira

Partner

Ricardo has 10+ years of experience in asset management as well as in the areas of real estate, corporate finance, strategy advisory, M&A, and risk topics. He is a former Oliver Wyman consultant with prior investment banking experience at Rothschild. Ricardo started his professional career with LBV Asset Management, as an equity research analyst, equity research and investment management, and is returning as partner to be part of the investment team, specifically to lead the LBV Panorama strategy, our global equities offering.

Ricardo holds a Master in Finance from the Nova School of Business and Economics and is a Level 3 CFA candidate.

Paulo Gomes

Investment

Graduated in Business Administration from Portuguese Catholic University in Lisbon. With almost 30 years of experience with several senior investment executive roles in the wealth management and asset management companies, started his professional career at Caixa Gestão de Activos, having worked for other banks as Head of Relative Return, managing discretionary portfolios the CIO and CEO of the London based Multi-Family Office platform Leste Capital UK where he developed several quant strategies to successfully achieve the desired family risk/returns objectives. In 2017, he co-founded PASS S.A., a successful venture in the AI Fintech company dedicated to developing software and investment strategies using Machine Learning and Deep Learning. He has been a CFA charter holder over the last 20 years and holds the IMC (FCA) since 2012.

Francisco Falcão

Senior advisor

Francisco has over 18 years of experience in the wealth and asset management industry. Currently, he is the CEO/CIO at Hawkclaw Capital Advisors, an investment advisory firm based in continental Europe. Previously, he founded Hawkeye Wealth Management in Geneva (Switzerland), just after his banking years at the investment advisory desks of Millennium Banque Privée (Switzerland) and MBCP Wealth Management Unit in London (England). He graduated with honors in economics from Universidade Católica Portuguesa, holds a post-graduation in finance from EGE – Atlantic Business School and also a diploma in Global Asset Allocation and Risk Budgeting from the Swiss Finance Institute. He is a chartered economist, a member of the Swiss Financial Analysts Association and an affiliate member of the Global Association of Risk Professionals. Throughout the years, he contributed with several articles about asset allocation, fixed income and ESG published in specialized investment magazines and participated as a speaker in several investment forums and seminars, namely IM Power – Incorporating FundForum 2022 (Monaco).

Operations

Glória Ribeiro

Head of Operations

Gloria Ribeiro is the Operations Manager at LBV and has worked in the Financial industry for over 23 years, mainly with the BPI Group, Morgan Stanley Wealth Management in Portugal and LBV Asset Management LLP in UK. Glória is graduated in Business Studies and holds an Executive MBA from ISAG European Business School and also received a post graduate degree in Digital Marketing and E-commerce.

Manuel Silva

Data Scientist

Finished a PhD in Astrophysics from the University of Hertfordshire, United Kingdom, in 2011. He then worked as a researcher in Astronomy in connection to several European projects. In 2018 he joined the Fintech PASS S.A. as a Data Scientist where he has been working in the development of investment strategies using Machine Learning and Deep Learning algorithms.

Contact

UNITED KINGDOM

Kemp House, 152 City Road, London EC1V 2NX, United Kingdom

+44 (0) 203 701 1300

PORTUGAL

Rua Bela, n. 8 4150-128 Porto

+351 22 616 7900

Get in Touch

Send Us a Message

Glória Ribeiro

investors@lbvam.com