Ex-Ante Partnership: High conviction, idiosyncratic investments for the capital of its partners and co-investors, primarily in Europe, Asia-Pacific and the emerging markets

WHO WE ARE

The Ex-Ante Partnership was formed in December 2016 to seek investment opportunities for the capital of its founders, along with the capital of a limited number of outside investors. Our investment strategy combines intensive due diligence, a concentrated number of investments and constructive involvement in the value creation of those investments. We focus primarily on opportunities across Europe.

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Ex-Ante Advisors LLP is authorised and regulated by
the Financial Conduct Authority (OC414534).

Ex-Ante Advisors LLP

UK domiciled FCA registered Investment Adviser

Ex-Ante Advisors LLP is an appointed representative of Mirabella Advisers LLP which is authorised and regulated by the Financial Conduct Authority

OUR PHILOSOPHY

Time may be the last great arbitrage in markets. Investors with time sit in an enviable position which enables them to think like business managers and act like owners; while effectively employing active engagement strategies and taking advantage of the vagaries of the financial markets. We believe investing with the appropriate duration leads to more rational decision making and stands in stark contrast to those funds beholden to frequent redemptions. The fortunes of businesses do not change on a monthly basis; yet large numbers of funds act as if they do. Within this dichotomy lies opportunity for patient, but engaged investors, backed by the appropriate duration of capital. Our style of investing combines the best attributes of private equity and shareholder activism with those of a traditional value and event-driven investor across the capital structure in less followed areas of the global financial markets. We believe this style of investing will consistently generate higher returns from more differentiated investments.

INVESTMENT STRATEGY

The Ex-Ante Partnership seeks out differentiated, deeply undervalued and misunderstood investments, primarily in Europe. We hunt for investment opportunities across the capital structure, in both public and private securities, and are backed by the appropriate duration of capital to allow us to crystallize intrinsic value as an actively engaged stakeholder. Typically, investments will be structured to have identifiable downsides and asymmetric risk-reward characteristics. We focus on acquiring significant ownership stakes in a select number of companies that we believe are undervalued. The reasons for such undervaluation can be a result of many things; such as perceived industry and/or geographic headwinds, changes in shareholder and management structure, poor operational performance and other external factors. Such circumstances often result in fundamentally sound businesses becoming available at depressed valuations. Our goal in each investment is to identify a path to unlocking these discounts. We aim to work constructively with management and/or the company’s board to implement a strategy that maximizes returns for all shareholders. When appropriate, we will seek to do this via active shareholder engagement. The investment partners have extensive experience working effectively with a portfolio of companies, their management teams and stakeholders.