Investment Theses


During 2019 we have taken a position in the Hyatt hotel chain. In recent years the hotel industry has shifted to a model where the ownership of real estate and the management of a hotel are largely separated. The three major US listed hotel chains: Hilton, Marriot and Hyatt, historically owned their hotels. Nowadays, however, they earn an increasing share of royalties and management fees on hotels owned by third parties.


During the third quarter, we sold a second part of our position in Sartorius Stedim, a company that makes equipment for the production of biological medication. The proceeds were invested in Stryker. Stryker is a medical tech company focused on the production of surgical and medical equipment –from wheel chairs and beds to OR equipment- and orthopedic implants such as artificial hips and knees. Company revenues are more or less split in half between these two segments.


Because Japan is the third largest economy of the world and home to many leading and innovative multinationals, we are keen to invest in Japanese equities. At the same time, it can be difficult to find Japanese companies that meet our selection criteria. With our recent purchase of Nintendo, known for games such as Mario, Pokémon and Zelda, we believe we have added a Japanese company to our portfolio that meets our quality requirements. 


For every share that we buy and sell for our customers, a commission is paid to the broker, which in most cases is the custodian bank. For them, these commissions are an important source of income. Because this is an industry that we deal with every day, we used our first-hand knowledge when we selected a broker as a potential investment last year. We took a position in a company named Interactive Brokers.