CROCI

Global Valuation with a bottom-up investment approach

CROCI Performance Reports

The CROCI Philosophy

CROCI is a global valuation-driven bottom-up investment approach.

What is CROCI?

  • Global valuation-driven strategy with high alpha generation over a track record of 20 years.
  • Bottom-up fundamental approach to portfolio construction, combining active company research with systematic portfolio construction
  • High active share and benchmark agnostic – entirely driven by stock selection
  • Proprietary and unique company analysis with a team of over 50 investment professionals performing due diligence on over 900 companies in a consistent and comparable fashion
  • A range of global and regional strategies which are exposed to value and quality factors
  • Total AUM for CROCI strategies is over EUR 6bn across both retail and institutional clients across the globe

Why CROCI?

  • CROCI has historically been able to generate alpha over the cycle in the order of 3-4% per annum over nearly 20 years of track record
  • CROCI can provide investors with core exposure to developed markets and sub-regions, or provide a satellite approach such as with its unique sector-rotation approach
  • CROCI gives consistent exposure to economic value, which has historically provided solid downside capture in normal markets with extra upside capture in distressed markets.
  • CROCI strategies tends to have superior sharp ratios than conventional value strategies, as the company level due diligence helps to keep the volatility of strategies generally in line with the broader market.
  • CROCI portfolios tend to give exposure to a better quality of company in aggregate, so are well suited for holding over the investment cycle.

The CROCI philosophy

A rigorous analysis of a company’s fundamentals is essential for assessing the underlying economic valuation. The challenge is to achieve consistency and comparability across all companies globally. This has been at the heart of CROCI since 1996. Using CROCI, only once proper due diligence and analysis has taken place, a bottom-up portfolio can be constructed without any top-down influence.

Data in real time

Over 900 companies are analysed (with over 30 years of company history where available) using primary sources such as company annual reports. Forecasts are based on consensus estimates along with company guidance. 50 investment professional regularly and meticulously update this data to cover even the most recent market moves.

Development of investment solutions

CROCI develops and maintains global, regional and thematic investment strategies in accordance with the CROCI philosophy.

Introduction to CROCI

Learn about the CROCI investment philosophy, understand how CROCI can make a difference to portfolio construction and see the outperformance of economic value.

Thought Leadership

Company Analysis

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This webpage does not constitute marketing of any product connected to CROCI Strategies or an offer, an invitation to offer or a recommendation to enter into any product connected to CROCI Strategies. Any products linked to a CROCI Strategy may not be capital protected and investor capital may be at risk. Prospective investors should be aware that investments linked to the CROCI Strategies may go up or down in value. The CROCI® team does not manage client portfolios. The CROCI Investment Strategy and Valuation Group is responsible for devising the CROCI strategy and calculating the CROCI Economic P/E Ratios. The CROCI Investment Strategy and Valuation Group is not responsible for the management of the any product connected to CROCI Strategies and does not act in a fiduciary capacity in relation to such products.

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