Pictet Asset Management

About

About

Pictet Asset Management believes in disciplined active management through bottom-up stock selection and seeks to identify stocks trading at a discount to its calculation of intrinsic value.

AMG Funds From This Firm

APINX

Pictet International Fund

The Fund seeks to provide long-term capital appreciation by investing in non-U.S. companies.

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Approach & Philosophy

Philosophy and Approach

Our Philosophy

Pictet invests in businesses that have the ability to generate strong cash flows, reinvest those flows in high returning businesses, and that trade below a conservative estimate of intrinsic value.

Pictet believes that this approach conducted in a disciplined way leads to superior returns.

Our Approach

The Pictet approach focuses on four drivers:

  • Cash flow: Cash cannot be manipulated or distorted by accounting policies. Cash is the life blood of a company and gives the ability to grow and pay dividends.
  • Return on investment: Cash flow growth needs to be profitable after taking into account the capital employed to generate those cash flows. While history is a guide, Pictet focuses on the incremental rate and sustainability of future investment returns.
  • Growth and reinvestment opportunities: Pictet seeks businesses with scope to grow by investing the cash they generate in a way that drives growth in free cash flow per share.
  • Value: Pictet’s objective is simple: establish what something is worth, and pay a lot less for it. Pictet’s assessment of this absolute, or ‘intrinsic value’ creates the key reference point for a patient and disciplined investment process.

Fund Managers

Fund Managers

Fabio Paolini, CFA

Head of EAFE Equities

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Swee-Kheng Lee, Ph.D.

Senior Investment Manager

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Benjamin Beneche, CFA

Senior Investment Manager

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Insights

Insights

AMG Managers Pictet International Fund: Overview

Portfolio managers Fabio Paolini and Benjamin Beneche discuss Pictet's absolute return, value-oriented approach to international investing.
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MarketWatch: Five-Star Fund Managers Find 'Idiosyncratic' Companies to Beat International Benchmark

The AMG Managers Pictet International Fund typically doesn’t follow its rivals into high-flying stocks, opting instead for deep research to uncover what often turn out to be "idiosyncratic" companies.
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Pictet Barometer: Change is in the air

A peak in economic growth improves the outlook for bonds, but it may be too soon to call time on the equities rally.
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