General Overview

FCM SA, is a family owned, Brussels based, investment advisor that provides dedicated services to professionals, foundations, family offices and other institutions.

The company was founded in 1988 and has since then focused on long-term investments. 

In 2009, the FCM Opportunity Fund was converted into the Sparrowhawk Fund, a Luxembourg SICAV company, regulated by the CSSF. Today the Sparrowhawk Fund is a UCITS V fund.

The company’s manager has more than a 30 year experience in portfolio management for high ranked institutions and other professional clients.

The company is focusing on providing funds and mandate solutions in equities and long-term asset class allocations. 

The main product, the Sparrowhawk Fund, has been generating a +16% annual compounded return since 1980.

The company’s core values are the search for excellence, solid growth prospects, value and patience. Constantly seeking high quality opportunities and patiently recommend holding the positions with a long time horizon.

The boutique style and the stable ownership structure over decades allow the company to pursue a long term strategy while also making independent decisions.

OUR PHILOSOPHY

The only way to access long-term capital growth from volatile assets such as equities is to genuinly invest for the long term.

“The rule that investors should own stocks for the long run, may be right, but only if the short run doesn’t kill them”

If we find a good company and let it compound, the power of compounding will outrun any kind of short-term tactical consideration in the market.  Over the years this philosophy has allowed our clients to outperform the markets and most our competition by a wide margin.

We pick a business that have a value independent of stock prices. Determining that value, we believe is a more objective, knowable process than forecasting markets. We continually ask ourselves, what are the competitive advantages or weaknesses of a business? Does it have the financial flexibility and strength to withstand a difficult economic environment? Does its products have sustainable demand prospects? Can the business adapt to changing circumstances?

As opposed to year-to-year performances, we believe in sustainable long-term capital growth wherein patience and a global world view are key ingredients. 

We are looking for companies with a good story and that will build value at an above average rate for a long time.

Our conclusion is that forecasting is at best difficult if not impossible to get right consistently. Forecasting how hundreds of economic data, crosscurrents and market behaviours that are driving buy and sell decisions which translate into stock prices at any given point in time is, in our opinion, impossible and we leave this prognostication to others. We are looking for companies that generate tons of cash, with great balance sheets, with a good story and that will build value at an above average rate for a long time.

Our Fund is a vehicle for capital appreciation – owning companies with dominant positions, strong growth and capable management, that have wind in their back and attractive valuations.

FCM SA currently has 3 products, each following our core investment values, but each with a slightly different approach yielding different volatilities and performances. 

 · 'The Sparrowhawk fund' (Since 1980) with a +16% CAGR
· 'The Royal Albatross Portfolio' (Since 1973) with a 10.43% CAGR
· 'The Kingfisher Portfolio' (Since 2009)  with a 15.58% CAGR

Traditionally, clients that have stuck to this strategy have been very well rewarded.

Robin Curry-Lindahl

Philippe Maclot

Senior Advisor

Philippe Maclot is holder of an M.B.A. (honours) and a Certified European Financial Analyst diplomas.
Active for more than 17 years in wealth management, he worked successively for ING Group, Société Générale and Rothschild holding various direction positions servicing Ultra High Net Worth (« UHNW ») Individuals located in Europe, South America and Asia. He is now occupying the position of Asset Management director of Lemanik Asset Management S.A.

Kai Curry-Lindahl

Portfolio Manager

Kai Curry-Lindahl is a holder of an MBA degree at Cornell University, USA, where he served as a portfolio manager for the consumer sector team and a member of the trading team for the Cayuga Fund. He is holder of a BS in Environment Science and an MS in Biology from the University of North Carolina.
Prior his MBA Kai worked at Fidelity Capital Management SA, where he is a director, and Portfolio Manager co-managing the Sparrowhawk Fund and also in charge of privately held managed accounts. He is active in the fund and wealth management industry, and positioned at Credit Suisse, Zurich.

Martin Chabert

Portfolio Manager

Martin Chabert passed in 2015 with distinction two Bachelors in Economics-Management and Foreign Applied Languages (English and German) at the UGA University, with distinction. Then, he graduated in 2017 from Master I and II in Finance and Banking at the University Lyon II with distinction. He started in the fund industry by joining first CACEIS Luxembourg as a Middle Office Officer for a one-year period.  He, at the same time, wrote his thesis on “Management of a book of options for a Market Maker in a volatility period” and obtained high honours from the jury. He then joined the Japanese bank NOMURA as Data/Pricing officer where he acquired experience on all financial product’s technical structures.

With an experience of two years within the Luxembourgish fund industry, Martin joined Lemanik Asset Management to reinforce the Trading Desk team for the liquid strategies.