KCM is an active, GARP-oriented investment manager specializing in niche markets. The firm invests in European equity, fixed-income and real estate securities, focusing on the Dutch and UK markets. They also apply fundamental indexation to government bonds and listed real estate.The firm specializes in a select group of niches that can deliver outstanding results for clients including European and Dutch Small and Midcaps, High Dividend shares, European Real Estate, Fixed-Income, and Fund-of-hedge funds. Their investment process is bottom-up and based on in-depth research generated in-house by focused specialist teams, complemented with research shared with fellow subsidiaries.For European small and midcaps, KCM follows a team approach. Each team member is responsible for a particular European country or region. They carry out analysis on each company they research, focusing on the long-term fundamentals of the business and identifying valuation anomalies that they can exploit. They discuss recommendations as a team, and construct concentrated portfolios of 30-50 high conviction companies.For Dutch small and midcaps, the firm conducts in-house research, resulting in company scores and price targets for companies. They are engaged shareholders and focus on the long-term in a concentrated portfolio of 10 to 25 shares. They regularly visit companies, their competitors and customers and maintain a continuous dialogue to help improve their performance.For hedge funds, KCM’s investment committee identifies funds with an attractive investment strategy and a competent investment team to construct a portfolio of twenty to thirty hedge funds.
DLAM is an active, value-oriented manager which invests in global debt and equity across market-caps. They share research with other Delta Lloyd subsidiaries and make investment decisions based on asset allocation and a quantitative approach, focusing on fundamental macroeconomic, geographic and capital market factors.The firm utilizes a bottom-up approach to construct concentrated fixed-income portfolios, aiming to in invest in undervalued companies with a good profit expectation, good management and high dividends. They analyze companies' business activities and management, managing risk by investing in companies across industries that they know well, primarily in The Netherlands, Europe and Asia.DLAM is a risk-averse, benchmark agnostic, fixed-income investor which utilizes bottom-up and top-down research to construct diversified portfolios, weighing risk and return and analyzing factors such as debtors, duration, inflation, country allocation, currency and yield curve. All fixed-income investments are managed by the same team of specialists responsible for the investment.