Value Investing
Investment Strategy with Substance and Foresight
Value Investing translates to “value-oriented investing”. It is a proven investment strategy that specifically selects companies whose stock market value is below their true value.
The focus is on thorough fundamental analysis, a long-term investment horizon, and the principle of investing independently of short-term market trends. The goal is to continuously build wealth and strategically manage risks.
Famous Value Investors include, for example, Benjamin Graham, Warren Buffett, or – in the German-speaking region – Dr. Hendrik Leber.
The 5 Steps of Value Investing
Search
From a large pool of stocks, companies with sufficient size and substance are selected.
Find
Using complex statistical filtering instruments (e.g., Intrinsic Return or True Value), suitable stocks are identified according to objective criteria.
Analyze
The fund management examines the market position, business model, and quality of the companies in detail. This constitutes the main part of the work.
Determine Fair Value
Using the proven Fair Value method, stocks are evaluated independently by at least two people. Only those with a sufficiently high margin of safety are selected.
Buy, Adjust & Sell
The selected stocks are bought and actively managed in the portfolio. If a stock rises to its fair value, it is exchanged.
Price is what you pay. Value is what you get.
Warren Buffett
Value vs. Growth: How the Strategies Differ
Value Investing and Growth Investing are two opposing investment strategies.
Value Investing focuses on substance: It invests in undervalued, stable companies with a proven business model and attractive valuation – often in sectors that serve basic human needs (e.g., health or nutrition). The goal is solid value appreciation with the lowest possible risk.
Growth Investing, on the other hand, focuses on growth: It targets companies with above-average growth rates and high future potential, often from innovative industries (e.g., IT). The goal is rapid expansion and value appreciation. These stocks often offer high opportunities but also come with greater risks.
The History of Value Investing
Value Investing was developed by Benjamin Graham in the 1930s and made world-famous by Warren Buffett. The idea: It’s not the stock market price that counts, but the true value of a company – and that can only be recognized through precise analysis. In the German-speaking region, the Value strategy was further developed by Dr. Hendrik Leber.
Dr. Hendrik Leber
Seit 1994 setzt Dr. Hendrik Leber mit ACATIS auf wertorientiertes Investieren nach dem Vorbild von Graham, Dodd und Buffett. Heute zählt er zu den führenden Value-Investoren Europas und hat zahlreiche Fonds mit nachhaltigem Mehrwert für Anleger aufgelegt. Mit seinen innovativen Bewertungsmodellen („Buffett 2.0“) prägt er das moderne Value Investing in Europa.
Through the collaboration with valuefonds, Dr. Leber also brings his proven investment style closer to Austrian investors.
The ACATIS Value Investing Rules
Do Not Follow the Market
Value over Price
Consider Fundamental Data
Maintain Margin of Safety
Continuous Monitoring
Buy Active Funds with a Value Approach
ACATIS Value und Dividende®
ISIN: AT0000A146T3 (Distributing)
ISIN: AT0000A2UTW8 (Accumulating)
Global dividend fund with a value strategy. The goal is long-term capital appreciation with stable annual distributions of 2–3%.
- Invests specifically in high-dividend quality stocks worldwide
- Maximum 36 holdings, average holding period approx. 4 years
- Active management, low turnover frequency
- Share Class A: Distributing | Share Class X: Accumulating
ACATIS Aktien Global Value Fonds
ISIN: AT0000A0KR36 (Accumulating)
Global equity fund that consistently invests in undervalued companies. The goal is significant long-term wealth accumulation.
- Focus on companies in healthcare, IT, and finance
- Active management, very low turnover rate
- Accumulating (automatic reinvestment
of earnings)