Pictet Asset Management

About

About

Pictet Asset Management believes in disciplined active management through bottom-up stock selection and seeks to identify stocks trading at a discount to its calculation of intrinsic value.

AMG Funds From This Firm

APINX

Pictet International Fund

The Fund seeks to provide long-term capital appreciation by investing in non-U.S. companies.

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Approach & Philosophy

Philosophy and Approach

Our Philosophy

Pictet invests in businesses that have the ability to generate strong cash flows, reinvest those flows in high returning businesses, and that trade below a conservative estimate of intrinsic value.

Pictet believes that this approach conducted in a disciplined way leads to superior returns.

Our Approach

The Pictet approach focuses on four drivers:

  • Cash flow: Cash cannot be manipulated or distorted by accounting policies. Cash is the life blood of a company and gives the ability to grow and pay dividends.
  • Return on investment: Cash flow growth needs to be profitable after taking into account the capital employed to generate those cash flows. While history is a guide, Pictet focuses on the incremental rate and sustainability of future investment returns.
  • Growth and reinvestment opportunities: Pictet seeks businesses with scope to grow by investing the cash they generate in a way that drives growth in free cash flow per share.
  • Value: Pictet’s objective is simple: establish what something is worth, and pay a lot less for it. Pictet’s assessment of this absolute, or ‘intrinsic value’ creates the key reference point for a patient and disciplined investment process.

Fund Managers

Fund Managers

Fabio Paolini, CFA

Co-Lead, International Equities - EAFE

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Benjamin Beneche, CFA

Co-Lead, International Equities - EAFE

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Insights

Insights

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Barron's: The 3 Biggest Risks in Global Investing and How to Avoid Them

Fabio Paolini, portfolio manager of AMG Managers Pictet International (APINX), and the Harding Loevner International Equity Portfolio (HLMNX) are featured in the Barron’s cover article, “The 3 Biggest Risks in Global Investing and How to Avoid Them.”
Read Full Perspective More About Pictet Asset Management

AMG Managers Pictet International Fund: Overview

Portfolio managers Fabio Paolini and Benjamin Beneche discuss Pictet's absolute return, value-oriented approach to international investing.
Watch Video More About Pictet Asset Management
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