KIRAO

KIRAO is an independent fund management company that is accredited by the AMF.

KIRAO upholds the belief that equity funds that are managed according to the principles of a rigorous method based on a financial and strategic analysis that is largely conducted internally, outperform over time.

KIRAO’s development is linked to that of its funds and therefore to their performance.
All partners have invested a significant portion of their wealth in its funds.

Philosophy

On the stock market, excluding extreme periods, the opportunity of having access to an investment offering a return premium relative to its risk, arises because the necessary financial and strategic diagnoses cannot be completed instantaneously and at least require a period of in-depth analysis. In other words, in terms of investments, the immediate evidence is rarely profitable.

And from this almost obvious fact follows what we think to be the essence of equity management: “cast light on… areas of doubt.” This is the meaning that we want to give our name KIRAO: to cast light on investments.

There are many areas of doubt to be cleared up in the area of stock market investment, although they may be divided into two main categories which we will call “technical” and “strategic”. They arise from the complex combination of accounting/legal/shareholding matters for technical areas of doubt; and from the ecosystem in which companies operate for strategic areas of doubt.
This complexity is further reinforced by the organic nature of companies, which regularly make decisions whose scope is difficult to appreciate: disposals/acquisitions; new products/services, to name but a few.

 

Funds

Once the need to clarify the areas of doubt is accepted, how can we cast light on them? Via an in-depth knowledge of companies. For us, knowing a company is a process. The basis is the documentation of a strategic analytical task on companies that are being studied and their business sector. Financial forecasts modelling and a valuation of the company systematically complement this analysis.

This knowledge is living matter: it is updated and potentially deepened continuously, and has an indefinite life span. This activity of updating is similar to gardening … a little every day is better than a lot on just one day… However, the quality of knowledge is ultimately judged in the ability that it gives to analyse, or even anticipate, the changes experienced by a company.
This clarification work potentially culminates when we have managed to identify the following three items: disruption/change-solidity-valuation.
Specifically, it is a company:

  • that is experiencing, or which will experience a change, that is already giving rise to a debate or indifference,
  • which must have a solid foundation: industrial, financial and management positions,
  • whose valuation incorporates defiance or indifference

The result of this method is a relatively concentrated portfolio of around 40 different investments, with about 40% of assets invested in the first 10. Within the portfolio, priority is given to companies that are experiencing a significant change and for which we expect an acceleration of earnings growth which is not yet priced in.

However, this type of company is not easy to detect; they are indeed limited in number and our safety requirements are binding. We therefore have to settle for companies that are subject to lesser change or safety. This will also lead us to invest in companies that have so-called better visibility, or in turnaround companies.

From 2006 to 2013, Fabrice Revol managed a fund that was similar to KIRAO Multicaps. It outperformed its benchmark each year and won the following awards:

2013: N°2 in the Globes de la Gestion, Asset management ranking – European equities over 5 years (criteria of maximum loss and volatility during downturns, calculations made by Quantalys)

2012: N°1 in the Lipper ranking – French equities over 3 years and 5 years (Lipper ranked the fund in France due to the fact that France weighed 80% of assets);

.          N°2 in the AGEFI ranking – EURO equities over 3 years (calculations made by Edhec Institute)

.          Citywire: AA rating in March 2012: “In absolute terms, Fabrice Revol is currently the best performing manager in the French equities sector over the past five years”.

2011: N°1 in the Lipper ranking – French equities over 3 years (Lipper ranked the fund in France because France weighed 80% of assets);

.           N°1 in the AGEFI ranking – EURO shares over 3 years (calculations by Edhec Institute)

 VL (€)YTD1 anOrigine Documents
Momentum Monde153.51 au 15/09/20178.73%12.45%53.51%Dici & prospectus
Macro Allocation
Dynamique
113.61 au 22/09/20179.88%15.04%13.61%Dici & prospectus

 Team

Kirao asset management

Fabrice Revol

Fund manager – Kirao Multicaps

Fabrice Revol

Fund manager – Kirao Multicaps

Fabrice Revol is a graduate of ESC Reims and a chartered financial analyst (SFAF). He has over 15 years of experience working in the equity market, beginning his career as a Sell Side financial analyst at Natixis Securities (formerly CDC Bourse) for 5 years; first in the agri-food and then the technology sectors.

He was then a Partner in charge of equity analysis and sales at Arkeon Finance for 3 years, after which he founded the asset management company Sapientia AM in 2006, where he was the Chairman.

In 2010, he joined Amplegest as a Partner and head of equity fund management (€250m in assets under management) and was the fund manager of Amplegest Multicaps. He worked there until the end of 2013 before founding Kirao in 2014.

 

Kirao asset management

Saad Benlamine

Fund manager – Kirao Smallcaps

Saad Benlamine

Fund manager – Kirao Smallcaps

Saad Benlamine, CFA, graduated from ISC Paris. After working for OFI AM and Amiral Gestion, he joined Natixis AM in 2008, first as an equity analyst and then a credit analyst in charge of the banking sector. He joined Amplegest in 2011, where he was a financial analyst for the funds Amplegest Multicaps and Amplegest Midcaps. He then managed the Amplegest Midcaps fund from 2013.

He joined Kirao in early 2015 to manage the Kirao Smallcaps fund.

 

Kirao asset management

Stephan Dubosq

Analyst

Stephan Dubosq

Analyst

Holding a Master of Finance from IAE Paris I Panthéon-Sorbonne and a chartered financial analyst (SFAF), Stephan was a Sell Side financial analyst at Arkeon Finance from 2005 until 2012. Responsible for the Healthcare sector, he also followed a number of other European stocks, using a stock-picking approach. He took part in several tasks to assess companies as part of financing transactions.

After this, Stephan was head of Investor Relations at FTI Consulting, a firm specialised in financial communication strategies.

He joined Kirao as an equity analyst at the end of 2015.

 

Armand Boissier

Institutional Sales Director

Armand Boissier

Institutional Sales Director

Armand Boissier, CFA, graduated from EDHEC Business School with an Msc in Financial Markets and a Master in Management. After working for Financière de l’Echiquier, AXA IM and Goldman Sachs AM, he has raised substantial assets for Third Party Marketers among Institutional and Private Banks in France, Switzerland and Luxembourg.

He joined Kirao in early 2017 to develop Institutional and Private Banking relationships.

 

Kirao asset management

Xavier Gandrille

Private fund manager

Xavier Gandrille

Private fund manager

As an ESSEC graduate, Xavier Gandrille began his career in 1981 as a financial analyst. In 1992, he joined the stockbroker Massonaud-Fontenay, before participating in the creation of the asset management company Fontenay Gestion.

In 2007, he became the founding CEO of the asset management company Amplegest, before becoming Chairman and head of investment strategy until 2013 (€550m in assets under management when he left).

With extensive experience as a market economist, and responsive to the needs of private asset management clients, he joined KIRAO in charge of private asset management clients, where he is in charge of asset allocation.

 

Frédéric Marechal

Private fund manager

Frédéric Maréchal

Private fund manager

Graduate from ESG, Frédéric Maréchal began his career in 1996 as a portfolio manager at the stockbroker Massonaud-Fontenay and then at the asset management company Fontenay Gestion.

In 2007, he became a partner and co-founder of the asset management company Amplegest, in charge of discretionary management for mandate clients.

With more than 20 years of experience in the financial markets and a deep understanding of client demands, he joined Kirao in 2016 in order to develop the private client activities.

 

Kirao asset management

Jean-Christophe Bollecker

Private fund manager

Jean-Christophe Bollecker

Private fund manager

A graduate from HEC and Sciences Po Paris, Jean-Christophe Bollecker began his career as a representative officer at the stockbroker Bacot-Allain in 1983. He also worked at the stockbrokers FERRI SA and WARGNY. From 2000 until 2008, he was head of customer relations at the Nantes branch of BGP Indosuez (€200 million in assets under management).

He joined Quilvest Gestion in 2008 as manager of equity and diversified funds. As one of KIRAO’s partners since the company’s creation, his experience greatly benefits the management team, while he continues to hold fund management responsibilities as he did at Quilvest.

Kirao asset management

Isabelle El-Himar

Gestionnaire Middle Office

Isabelle El-Himar

Middle Office

Isabelle El-Himar has an MBA in management of sustainable development from ISG. She previously worked as a middle-office operator at Allianz for 10 years.

 

Kirao asset management

Marc Fauvel

Middle Office

Marc Fauvel

Middle Office

A graduate from the University of Cergy-Pontoise, Marc Fauvel joined the middle office team in 2016 following a work-study program of two years at Kirao.

 

 

Catherine Betton

Middle Office

Catherine Betton has a Masters degree in the History of Art. She worked for over 10 years as Head of the Middle Office at Global Investment Manager before joining Kirao in 2015.

 

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Recruitment

Kirao is an independent asset management company. It internally manages equity funds according to a process of financial and strategic analysis.

If you would like to apply for employment with us, please send us your CV and covering letter to this address: contact@kirao.fr

Contact details

Kirao asset management

86, Rue de Lille

75007 PARIS

Kirao asset management

Phone : +33 1 85 76 08 05

E-mail : contact@kirao.fr