Brunel International NV

LOYS is an active, conservative, benchmark-insensitive investor, which manages portfolios invested in international equity and diversified across regions and industries. They follow a value-oriented approach and seek to identify mispriced companies with good growth potential.The firm bases investment decisions on fundamental research, obtained through a network of third-party analysts, and aimed at assessing the market position, management quality and financial stability of potential investees. They do not engage in active trading, preferring to select companies in which to invest with a long-term outlook.

Teslin is an active, long-term manager which performs fundamental analysis and utilizes a bottom-up approach to invest in small and mid-sized listed Dutch and European companies through their funds. They do not invest in real estate, financial products, unprofitable enterprises or banks.The firm acts as a sounding board, aiming to create shareholder value by sharing and discussing ideas with company management and pushing for implementation. Through the Darlin, fund, they take stakes in Dutch companies valued at EUR 100-250 million. Their Todlin fund takes stakes in Dutch companies valued at less than EUR 100 million. Midlin fund invests in companies in the Netherlands and Europe valued at up to EUR 3 billion.Teslin evaluates firms based on quality of management and the Supervisory Board, management policies, cash flow and profit growth, net asset value per share, dividend yield, sector spread, international positioning, shareholder group composition, the possibility of a strategic reorientation to create value, willingness to make needed changes and owner attitude

CSAM is a value-oriented manager which aims long-term capital appreciation by investing in equity and equity related securities generally in global markets. The firm deploys a fundamentally driven value investment approach to select stocks for inclusion in client holdings. CSAM seeks to identify companies that they believe provide attractive valuations relative to adjusted book value or net asset value, as calculated through qualitative and quantitative analysis. Their selected stocks often exhibit value characteristics, such as low prices to earnings ratios, low price to books ratios and/or higher than average dividend yields. In addition, the firm generally invests in companies with low levels of leverage.