Ausonio is an Irish-domiciled global equity long only fund. Ausonio invests globally in public equities, with a highly flexible investment mandate, across geographies and sectors. The portfolio is highly concentrated, in not more than 10 high-conviction names. The investment philosophy is entirely fundamental and bottom-up, with a long term investment time horizon (typically 3 to 5 years). A thorough due diligence process is carried out before making any new investment; current investments are constantly monitored. Basically, the whole idea is to apply a private equity-like investment philosophy to minority public equity investments, yet always taking a passive stance in terms of management. Prior to the launch of Ausonio, Luca Franza worked as a sell-side equity research analyst in London, first for Standard & Poor’s Equity Research (2000 – 2002), then at Credit Suisse First Boston (2002 – 2005), where he covered Southern European small and mid cap companies, across several industries. In the 2005 Institutional Investor survey, Luca ranked No 3 individually for small and mid cap equity research in Europe. After leaving CSFB, in September 2005 Luca started advising managed accounts for private clients, which subsequently (since May 2008) were aggregated into Ausonio. Over the 9+ -year track record period to December 2014, the strategy delivered over 173% cumulative return, net of fees and virtually unlevered, outperforming the MSCI World by some 120%.
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